The executive chairman and CEO of Jaypee Group, Manoj Gaur, on Monday assured agitated homebuyers of delivery of all housing units in his Jaypee’s Wish Town project in the next three years.
The announcement came after 224 homebuyers filed a case of cheating at the Expressway police station in Noida Sector 135 on Sunday against the realty major over late delivery of flats.
Gaur said the integrated housing project was delayed due to many reasons like fund crunch, environmental clearance and a ban on ground water extraction for construction by the National Green Tribunal (NGT).
“We have already given possession of 6,500 flats. We assured them that we will hand over 6,000 more flats between August 2017 and March 201,.and the remaining flats soon after. We plan to give all 32,000 flats in the next three years,” said Gaur.
Gaur will meet the buyers on April 29 and share a scheduled plan of delivery.
“We need Rs9,000 crore to restart the work and finish the project. We need to recover Rs7,000 from our investors and buyers. We will raise Rs2,000 crore funds from various banks. Banks have agreed to lend us Rs1,700 crore and the remaining Rs300 crore will soon be arranged to restart the work. We will restore the buyers’ trust and deliver as promised,” said Gaur.
The developer said it had earned Rs14,000 crore by selling housing units in this project and invested the money in construction.
“We have given Rs1,000 crore to our buyers who sought refund. Now buyers should trust us and we will deliver the project. The project got delayed because the realty sector has been facing recession for the last five years,” said Sameer Gaur director, Jaypee Group.
Jaypee Infratech had in 2007 proposed to build 32,000 flats and some plots under the Integrated Wish Town project located in sectors 128, 129,131, 133 and 134 along the Noida-Greater Noida Expressway.
Jaypee Infratech, which developed the 165-km Yamuna E-way and Formula One circuit, had promised buyers of delivery of flats from 2011-12.
Around 400 aggrieved buyers questioned Jaypee Infratech officials in a meeting held in the sector 128 office on Monday.
“I had booked a 3BHK flat in Wish Town and I was supposed to get delivery by 2012. But in the last five years, we have suffered humiliation at the office of Jaypee Group in Wish Town Sector 128. Whenever I went to the builder’s office, the bouncers of the Jaypee Group pushed me and even misbehaved with me. If they cannot deliver flats, why do not they refund my money,” said Ashok Narang, a homebuyer.