NOIDA: Only 200 Jaypee homebuyers attended a meeting that the corporate’s former CMD Manoj Gaur had known as on Friday to discuss the extend in supply of 22,000 residences. Of them, 50 traders staged a starvation strike outdoor the venue.
At the assembly, Gaur assured crowning glory of Wish Town initiatives inside three years and introduced to place Rs 1,500 crore in an escrow account, to be monitored by means of a retired SC judge-led committee, for finishing the residences. But the patrons weren't convinced, and said “no less than Rs 12,000 crore is required for a similar”.
The Insolvency and Bankruptcy Code has barred promoters such as the Gaurs from bidding for firms that face resolution action. The promoter workforce’s attempt to get again into the fray had been blocked by means of the committee of creditors, comprising banks and patrons, just lately. The Gaurs are seen to be creating a last-ditch attempt to retain their circle of relatives jewel after having failed to finish the challenge for which bookings started with reference to a decade ago.
“We initiated the discussion with homebuyers, maintaining in thoughts their pursuits,” Gaur said. He added: “Under this scheme, we can entire 2,700 houses by means of March 2020, 6,000 by means of March 2021 and eight,900 by means of March 2022. By March 2022, we can entire all the Wish Town houses and the remaining 2,000 gadgets might be accomplished in next six months, by means of October 2022.”
While a running capital of Rs 1,500 crore might be deposited in an escrow account, Rs 980 crore might be stored aside as repayment for extend, Gaur said, additionally promising to waive stamp duty on registration and one year-free repairs.
Homebuyers, however, seemed unconvinced.
“We’re tired of assurances. Where are the funds coming for the crowning glory of initiatives? Time and again we’ve been given false promises. People are paying EMIs on loans whilst staying on hire with no house in sight for the past 10 years,” said Pramod Kumar, who booked his flat in Jaypee Garden Isles in 2007.
At the assembly, Gaur assured crowning glory of Wish Town initiatives inside three years and introduced to place Rs 1,500 crore in an escrow account, to be monitored by means of a retired SC judge-led committee, for finishing the residences. But the patrons weren't convinced, and said “no less than Rs 12,000 crore is required for a similar”.
The Insolvency and Bankruptcy Code has barred promoters such as the Gaurs from bidding for firms that face resolution action. The promoter workforce’s attempt to get again into the fray had been blocked by means of the committee of creditors, comprising banks and patrons, just lately. The Gaurs are seen to be creating a last-ditch attempt to retain their circle of relatives jewel after having failed to finish the challenge for which bookings started with reference to a decade ago.
“We initiated the discussion with homebuyers, maintaining in thoughts their pursuits,” Gaur said. He added: “Under this scheme, we can entire 2,700 houses by means of March 2020, 6,000 by means of March 2021 and eight,900 by means of March 2022. By March 2022, we can entire all the Wish Town houses and the remaining 2,000 gadgets might be accomplished in next six months, by means of October 2022.”
While a running capital of Rs 1,500 crore might be deposited in an escrow account, Rs 980 crore might be stored aside as repayment for extend, Gaur said, additionally promising to waive stamp duty on registration and one year-free repairs.
Homebuyers, however, seemed unconvinced.
“We’re tired of assurances. Where are the funds coming for the crowning glory of initiatives? Time and again we’ve been given false promises. People are paying EMIs on loans whilst staying on hire with no house in sight for the past 10 years,” said Pramod Kumar, who booked his flat in Jaypee Garden Isles in 2007.
Will build flats in 3 years, says Jaypee; buyers not sure
![Will build flats in 3 years, says Jaypee; buyers not sure]()
Reviewed by Kailash
on
April 20, 2019
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