Jaypee to hand over possession letters for ready flats on Saturday

The company had also started the process of offering possession and registries of ready flats. But it was disrupted after the NCLT’s August 9 move against the real estate group.

Jaypee Infratech has decided to hand over possession letters to flat owners who invested in projects that are ready. The builder will hand over possession letters on Saturday at its corporate office building in Sector 128 along Noida-Greater Noida Expressway.

The company had also started the process of offering possession and registries of ready flats. But it was disrupted after the NCLT’s August 9 move against the real estate group. (Virendra Singh Gosain/HT PHOTO)

The national company law tribunal admitted the insolvency plea against Jaypee Infratech, the realty arm of the Jaypee Group, on August 9, in response to a plea filed by IDBI Bank. The plea pertained to an unpaid loan worth ₹526 crore. Word of admission of the insolvency plea got homebuyers worried, as they feared a delay in possession.

“The Jaypee director (legal) Ajit Kumar has invited us on Saturday at their Sector 128 office. Around 20 buyers have decided to visit the Sector 128 office to get their possession letters. The Jaypee officials said that buyers will get the possession letters for the projects for which occupancy certificates had already been issued by the Noida authority,” SK Nagrath, retired colonel and president of Jaypee Aman buyers’ association, said.

Jaypee Infratech had on July 13 obtained the occupancy certificate — permission to offer possession and registry of ready flats — from the Noida authority for five towers of Jaypee Aman, located in Sector 151 and three towers in Wish Town, located in Sector 128.

The company had also started the process of offering possession and registries of ready flats. But it was disrupted after the NCLT’s August 9 move against the real estate group.

“Now, Jaypee Infratech officials want to give letters of possession to all those whose flats are ready. Once the letters are obtained, buyers can shift to their flats,” Nagrath said.

Jaypee assured buyers that the interim resolution professional Anuj Jain and the officials from the Noida authority will also be present at the time of handing over of the flat possession letters.

The Jaypee Infratech director (legal) Ajit Kumar did not take calls despite repeated attempts.