NEW DELHI: Debt-ridden Jaypee group is concentrated on to finish the construction of pending 24,000 apartments in Noida by 2020 at a cost of about Rs 8,000 crore and ship it to house patrons, a senior company professional stated on Thursday.
Crisis-hit Jaypee group wishes Rs 8,000 crore to finish incomplete apartments, of which Rs 6,000 crore would come from house patrons while every other Rs 2,000-2,500 crore must be infused, Jaypee advisor Ajit Kumar stated.
In 2007, Jaypee group started the improvement of 32,000 apartments and plots in its township Wish Town at Noida, of which almost 8,000 units were delivered up to now.
Of the full apartments/plots, Jaypee Infratech, which has already long gone into insolvency, began work on 28,000 units while the rest 4,000 units had been with Jaypee group's flagship company Jaiprakash Associates.
"Subject to orders of Supreme Court and National Company Law Tribunal (NCLT), we intend to complete and deliver all 32,000 units by 2020," Jaypee advisor Ajit Kumar advised PTI.
He stated the gang has already delivered 6,300 apartments and 1,500 plots up to now and the objective is to handover 5,000 units by June.
"We have applied for occupational certificate for 1,500 units and in process to do so for another 3,500 units".
The group would pay repayment to house patrons for the delays in possession of apartments, he added.
Kumar stated Jaypee group has sufficient belongings, together with vacant land parcels, to pay all financial institution dues.
At present, Kumar stated, the gang is making an investment about Rs 20-30 crore a month on building and the fund is coming from toll selection of Yamuna Expressway and residential patrons.
Jaypee group is going through huge protest from house patrons because of vital delays in delivery of actual property tasks.
Jaypee Infratech has been taken over by a NCLT-appointed Insolvency Resolution Professional (IRP) for recovery of dangerous loans.
A couple of months ago, the NCLT had admitted the appliance by an IDBI Bank-led consortium seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.
Moving ahead with the process, IRP Anuj Jain had on October 27 issued a public realize seeking applications from entities in regards to resolution of JIL. Several gamers have submitted expression of passion (EOIs). The resolution plan must be licensed by the creditors and the NCLT.
Jaypee Infratech, which is into road building and actual property trade, has constructed the Yamuna Expressway, connecting Delhi and Agra.
Crisis-hit Jaypee group wishes Rs 8,000 crore to finish incomplete apartments, of which Rs 6,000 crore would come from house patrons while every other Rs 2,000-2,500 crore must be infused, Jaypee advisor Ajit Kumar stated.
In 2007, Jaypee group started the improvement of 32,000 apartments and plots in its township Wish Town at Noida, of which almost 8,000 units were delivered up to now.
Of the full apartments/plots, Jaypee Infratech, which has already long gone into insolvency, began work on 28,000 units while the rest 4,000 units had been with Jaypee group's flagship company Jaiprakash Associates.
"Subject to orders of Supreme Court and National Company Law Tribunal (NCLT), we intend to complete and deliver all 32,000 units by 2020," Jaypee advisor Ajit Kumar advised PTI.
He stated the gang has already delivered 6,300 apartments and 1,500 plots up to now and the objective is to handover 5,000 units by June.
"We have applied for occupational certificate for 1,500 units and in process to do so for another 3,500 units".
The group would pay repayment to house patrons for the delays in possession of apartments, he added.
Kumar stated Jaypee group has sufficient belongings, together with vacant land parcels, to pay all financial institution dues.
At present, Kumar stated, the gang is making an investment about Rs 20-30 crore a month on building and the fund is coming from toll selection of Yamuna Expressway and residential patrons.
Jaypee group is going through huge protest from house patrons because of vital delays in delivery of actual property tasks.
Jaypee Infratech has been taken over by a NCLT-appointed Insolvency Resolution Professional (IRP) for recovery of dangerous loans.
A couple of months ago, the NCLT had admitted the appliance by an IDBI Bank-led consortium seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.
Moving ahead with the process, IRP Anuj Jain had on October 27 issued a public realize seeking applications from entities in regards to resolution of JIL. Several gamers have submitted expression of passion (EOIs). The resolution plan must be licensed by the creditors and the NCLT.
Jaypee Infratech, which is into road building and actual property trade, has constructed the Yamuna Expressway, connecting Delhi and Agra.
Jaypee aims to complete 24,000 flats by 2020 at Rs 8,000 crore cost
![Jaypee aims to complete 24,000 flats by 2020 at Rs 8,000 crore cost]()
Reviewed by Kailash
on
January 04, 2018
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