Work will be completed soon in 59 towers of Jaypee Infratech Limited, a ray of hope for 20 thousand buyers waiting for their house for 13 years

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New Delhi: For about 20,000 home buyers who have been waiting for their homes for almost 13 years, a ray of hope has arisen after the start of work in 59 towers of Jaypee Infratech Limited. In March this year, the National Company Law Tribunal (NCLT) allowed Mumbai-based Suraksha Group to complete Jaypee Infratech Ltd’s unfinished Noida-Greno project. Jayashree Swaminathan had invested in this project about 10 years ago. He is glad that soon the wait for most of the buyers will be over. Speaking to IANS, Swaminathan said that JAL (Jayaprakash Associates Ltd) is still making false statements, however, meetings of Yamuna Authority officials to settle issues of compensation and dues have enthused buyers as the work on the unfinished towers is progressing. .

According to Swaminathan, the security agency is not required to pay any money to Yeida on legal grounds after the NCLT verdict, yet it is ready to pay compensation of around Rs 1,689 crore to the farmers. Taking cognizance of this, the authority should take steps towards delivery of pending flats at the earliest. The Yamuna Authority wants to recover Rs 1,689 crore as enhanced compensation and Rs 6,111 crore as additional compensation from Jaypee Infratech or Suraksha, the company that took over the project, at the rate of 64.7 per cent.

Who are the 1100 flat buyers of Amrapali to whom the court has issued notice, this work will have to be done by October 15

Appeal against NCLT order

Yamuna Authority has appealed in the same against the order of NCLT to safeguard the interests of the farmers, from where both have been instructed to resolve the matter through a meeting. With certain conditions, the security group has recently proposed to the Yamuna Authority to construct 20,000 flats as well as give compensation to the farmers. In August 2017, NCLT started the insolvency process of Jaypee Infratech.

Rs 64 crore outstanding

As per the last report, there were 18767 active buyers of Jaypee Infratech. who had paid the total principal amount of Rs 8676 crore, while 413 buyers had canceled their bookings, with an outstanding of Rs 64 crore. Possession was given to 1410 buyers, but they were not registered. Swaminathan had booked a 2,100 sq ft flat in Kingston Park Heights in 2009 to get his daughter admitted to a nearby law school.

Even before the landing of Chandrayaan-3, the shares of this company became a rocket, there was a rush among investors to buy stock.

Many buyers stopped EMI

Swaminathan said, the wish of my parents, especially mother, could not be fulfilled. I am still a tenant in Delhi. The purpose of taking this flat is over. We are completely tired of legal battles. Worried about paying the house rent along with the EMI, many buyers stopped paying their EMIs as well.

Many army officers after retirement have invested their entire capital to book flats in Jaypee Wishtown, but are still living on rent. My heart goes out to those who lost all hope, whose family members died over the past decade while waiting for their flats. This is the biggest irony of his life.

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