Jaypee buyers want possession of their flats
Photo: Samrat Roy
Buyers: Give us our flats, end insolvency proceedings against Jaypee Infratech

Posted: May 11, 2018     By Avishek Dubey

Angry homebuyers of Jaypee Wish Town protested outside Jaypee Group’s registered office in Sector 128, Noida, on Thursday. The homebuyers have opposed liquidation of Jaypee Infratech, apart from requesting the Supreme Court to monitor the construction of the remaining flats.

Jaypee Infratech, a subsidiary of Jaypee group's flagship firm Jaiprakash Associates, had in 2007 started developing nearly 32,000 flats in Noida. Out of these, it has already delivered 9,500 flats and has applied for occupancy certificates to hand over another 4,500.

“We demand our homes; we do not want the money which we had invested long ago in 2009,” said a homebuyer.

Earlier this week, Jaypee Group's promoter, Manoj Gaur, made an offer of over Rs 10,000 crore before the lenders of Jaypee Infratech to protect the interest of all stakeholders, including financial creditors, homebuyers and minority shareholders.

Jaypee Infratech will pay a penalty to home buyers as per the agreement and new realty law RERA, sources said. However, Jaiprakash Associates has already deposited Rs. 750 crore with the Registry of the Supreme Court and the amount would be utilised for the refund to home buyers.

Yesterday, lenders of Jaypee Infratech rejected a Rs. 7,350 crore bid by Lakshadweep, as they found it inadequate.

According to sources, Jaypee group has offered 2,000 equity shares of Jaypee Infratech for free to each home buyer as part of its Rs. 10,000 crore proposal to revive the bankruptcy-hit real estate firm.

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