Japyee Infratech finally handed over possession letters to 200 buyers of the Wish Town and Aman projects in Noida, but these are lacking in facilities. Homebuyers have no choice but to accept.
For the 200 homebuyers in Jaypee Infratech’s Wish Town and Aman projects, it was a short-lived jubilation of receiving possession letters for their flats, as they discovered the dwelling units they were getting after a wait of nine years were simply unfit to live in.
The National Company Law Tribunal (NCLT) admitted IDBI Bank’s plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526-crore loan earlier this month. NCLT appointed insolvency professional Anuj Jain as the CEO of Jaypee Infratech. He has been given six months to revive the company.
“I still cannot believe that I have finally received the possession letter from Jaypee. There was a delay of almost five years and we were forced to protest for it. My dream has finally come true. In all these years, we have suffered a lot,” said Ashsih Sharma, a homebuyer.
But their joy is only partial or negligible, as there are no facilities in the five towers for which these offer of possession letters were being handed out.
“There are no facilities in and around the area. The lift is not working, there's no club, no shopping complex and no proper water and electricity supply. People are under tremendous pressure to shift, as they have no choice. With the recent rains, the bushes near the construction sites have grown so much that there are chances that mosquitoes might start breeding,” Vinay Thukral, a homebuyer, said.
The builders are just handing over the houses, and buyers have no choice but to take them.
“The houses are being handed over in this state by the builder to absolve itself of all legal responsibilities and make sure no penalty has to be paid to buyers for late delivery. As there is construction going on, there is no parking facility as well,” said Anup Tripathi, another homebuyer.
Some buyers told City Spidey that they are under immense pressure to take the offer of possession and pay up the remaining 5 per cent that also includes the amount for the area increased and limited common area charges of Rs 1.5 lakh, and go in for registration, as they are unable to pay both rent and EMIs.
“We will be given possession letters only after we make the payment for the super area increase and other charges, and get the house registered. Finishing will take at least 15 to 30 days, but we are relieved that we are finally getting our house after a long wait,” said the buyers.
The company and insolvency resolution professional (IRP) were not available for comment.
Last month, Noida Authority had issued occupancy certificates for 650 flats in Jaypee Aman in Sector 151. These ready flats are in towers N-2, N-3, N-4, N-5 and N-6. It also issued an occupancy certificate for 350 ready flats in Kosmos Towers and Klassic Towers located in Wish Town in Sector 128.
On Wednesday, the IRP, through a public notice, informed homebuyers that he would consider buyers’ claims through records provided by Jaypee Infratech. Buyers had also demanded that those buyers who were issued possession letters of ready flats by Jaypee be allowed to shift in and get registry done.