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Noida: Jaypee Aman buyers unable to do registry of flats

The investment of around 30,000 homebuyers is stuck because of insolvency proceedings against Jaypee Infratech.

noida Updated: Aug 15, 2017 23:14 IST
Vinod Rajput
Vinod Rajput
Hindustan Times
Hundreds of homebuyers assemble at Sector 15A park to protest against Jaypee Infratech on Tuesday. (Sunil Ghosh /HT Photo)

After insolvency proceedings against the Jaypee Infratech began, homebuyers are unable to get registry executed in the Aman housing project and move into their ready flats.

The Noida authority had in July issued occupancy certificates allowing possession and registry of 1,000 out of total 5,000 flats proposed in Aman housing project located in Sector 151 along the Noida Expressway. But due to the proceedings of insolvency, buyers are unable to move into the flats and transfer the ownership rights after executing the registry. To buyers’ dismay, neither the builder nor the Noida authority is coming forward to help them.

“The Jaypee Group offered me possession of my flat on July 31 and demanded that the balance amount of Rs 2.75 lakh be paid in order to get the flat registry executed. Now after August 9, I contacted the Jaypee Group to get my property registered but nobody guided me on how to go forward,” said Vipin Kumar Sood, a buyer, who booked a 2BHK flat in 2009.

“I called up on the contact number given, but nobody helped me. I’m at loss on what to do now,” he said.

The Jaypee Group had in July obtained occupancy certificates from the Noida authority for six of the 26 towers in Jaypee Aman project.

The remaining 20 towers are yet to be finished by the builder. The 1,000 homebuyers who got flats are unable to move into the completed towers as the Jaypee Infratech management has failed to get registry executed.

“I want to clear my remaining dues and shift to the new flat. But neither the Noida authority nor Jaypee Infratech has any answer to my questions. The Noida authority and the builder has earlier claimed that our registry will not be affected. But now why they are not executing the registry,” said Rahul Kumar, another buyer.

Noida authority chairman Alok Sinha, who is also the principal secretary UP industrial department, said there is no why registry should not be executed. “The registry should happen if the Jaypee Group does not have any financial dues payable to the Noida authority. The buyers should contact the Noida authority for help,” he said.

The investment of around 30,000 homebuyers is stuck because of insolvency proceedings against Jaypee Infratech.

No new purchases can happen nor buyers can sell, transfer or get possession of their ready-to-move-in or under-construction flats. Also, there will be a status quo on the execution of registry of a property because the interim resolution professional has taken control of the Jaypee Infratech , the realty arm of the Jaypee Group.

According to an interim resolution professional of a nationalized bank, future of flats of homebuyers and their investment is uncertain because a committee consisting of financers will later decide what should happen with the housing projects.

First Published: Aug 15, 2017 23:14 IST