Jaypee homebuyers demand flat delivery

22,000 homebuyers have yet to receive their flats because Jaypee Infratech Limited went through a corporate insolvency resolution process

At least 100 Jaypee Infratech Limited homebuyers who have yet to receive their units after a decade gathered outside the main office in Wish Town Sector 128 for half an hour from 2pm on Tuesday, demanding that construction work at the projects be expedited and apartments be delivered without further delay.

Homebuyers protest in Wish Town on Tuesday. (Sunil Ghosh/HT Photo)

Around 22,000 homebuyers have yet to receive their flats because Jaypee Infratech Limited went through a corporate insolvency resolution process after failing to pay its bank debts.

“We gathered at the Wish Town office so that the stakeholders can collaborate to assist us in delivering our units. We demand that Yeida (Yamuna Expressway industrial development authority) make decisions to expedite the project work. Following our meeting with chief minister Yogi Adityanath on September 13, we received a response from his office in which they instructed Yeida to take appropriate action. We hope that the construction will be accelerated so that we can get our homes,” said Ashish Mohan Gupta, president of the JIL real estate allottees welfare society, which organised the gathering.

The National Company Law Tribunal approved the Suraksha Group’s resolution plan to acquire Jaypee Infratech Limited on March 7, 2023. Following that, Yeida filed an appeal in the National Company Law Appellate Tribunal, demanding that the new developer, Suraksha, pay ₹1,600 crore in additional compensation to farmers for the land on which these projects are being built. On September 13, Yeida approved the Suraksha resolution plan and forwarded it to the Uttar Pradesh government for approval.

Yeida said that they will take further action once the state government sends their approvals.

“Since we have approved the Suraksha plan, let the state government decide. Once approval is obtained, there will be further progress concerning Suraksha’s acquisition of Jaypee Infratech Limited. We are taking all necessary steps to resolve the homebuyers’ concerns and ensure they receive their apartments as soon as possible. We have also decided to protect the interests of the farmers who gave their land for the projects,” said Arun Vir Singh, Yeida’s chief executive officer.

Suraksha Group declined to comment on the matter until the state government approves their proposal.

“We will comment after we receive written approval and the conditions under which our plan has been approved,” said a spokesperson for the Suraksha Group.