Homebuyers storm Jaypee office in Noida
Buyers are upset with the builder and the UP government because the Allahabad bench of national company law tribunal on Thursday admitted IDBI Bank’s insolvency plea pertaining to Jaypee Infratech, as it had failed to repay a loan of around Rs8,500 crore.noida Updated: Aug 12, 2017 22:21 IST
Around 4,000 homebuyers on Saturday staged a protest against the Jaypee Group for its failure to deliver flats on time. Some buyers frustrated buyers broke the iron gates and entered the Jaypee Group’s Sector 128 corporate office located along the Noida expressway. Buyers also pushed the Jaypee Group’s managing director Manoj Gaur when he tried to calm them.
Buyers are upset with the builder and the UP government because the Allahabad bench of national company law tribunal on Thursday admitted IDBI Bank’s insolvency plea pertaining to Jaypee Infratech, as it had failed to repay a loan of around Rs8,500 crore.
Buyers started gathering at Sector 128 office at around 10am. In two hours, around 4,000 buyers gathered and started raising slogans. When the security guards did not let them enter the office premises, buyers got angry with the guards, broke the main gate and a created a ruckus inside the office. Gaur’s attempts to pacify the buyers failed. Noida MLA Pankaj Singh also reached the protest site to pacify the protesters.
“We demand that the UP government pass an ordinance that empowers them to take over Jaypee property, raise funds and deliver housing projects. Why did the Jaypee Group not pay the debt of Jaypee Infratech, which is the realty business? We want justice and the UP government should take possession of Jaypee’s assets and deliver all projects within a year. If our issues are not resolved, we will continue our agitation daily,” SK Nagrath, a retired Army official and president of the Jaypee Aman buyers’ association, said.
The Jaypee Group needs to deliver around 30,000 flats to buyers in two housing projects, Wish Town and Aman, both located along the Noida expressway. The two projects have been delayed by four to seven years.
Buyers stopped their agitation around 4pm after Noida MLA Pankaj Singh assured them that the state government will ensure justice to buyers.
“We are suffering because the UP government and the Noida authority did not do their job of monitoring projects and setting up a regulatory authority when needed. If Jaypee was not in a position to deliver, why did the state government not act earlier and issue a public notice to inform buyers? The state was silent when Jaypee was looting us,” said Rajiv Singh, a buyer.
“Homebuyers need not worry. We will deliver the flats. We understand the buyers’ worry and we assure them their investment is safe,” said Manoj Gaur.
“I have communicated buyers’ issues to state government. The government is committed to ensuring justice to buyers,” Noida MLA Pankaj Singh said.