Noida: Jaypee buyers hopeful after Arun Jaitley promises to protect their interests

In a relief to homebuyers of Jaypee Infratech,Union finance minister Arun Jaitley on Wednesday said that wherever buyers have bought houses, they will get their flats.

In a relief to homebuyers of Jaypee Infratech,Union finance minister Arun Jaitley on Wednesday said that wherever buyers have bought houses, they will get their flats.

Around 30,000 homebuyers have made investments in two housing projects of Jaypee Group — Aman and Wish Town — located along the Noida Expressway. (Sunil Ghosh/ HT)

“The government’s sympathies are with them. The insolvency proceedings have the provision to ensure that businesses are not hurt. The insolvency board will ensure that home buyers are not deprived,” said Jaitley.

After Jaitley’s statement, homebuyers said that their hope of getting flats had been rekindled. Jaypee Group homebuyers on Saturday said that were upbeat that the government will help them get flats.

“We welcome his (Jaitley’s) statement and hope things will move in a positive direction from here on,” said Vipin Kumar, a buyer of Jaypee Group.

Around 30,000 homebuyers have made investments in two housing projects of Jaypee Group — Aman and Wish Town — located along the Noida Expressway. The Allahabad bench of national company law tribunal (NCLT) has appointed Anuj Jain, a chartered accountant, as interim resolution professional (IRP) under Insolvency and Bankruptcy Code, after admitting an insolvency plea from IDBI on August 9. Jain has taken over the Jaypee Infratech management since then.

SK Nagrath, a retired army officer and president of Jaypee Aman flat buyers association, on Wednesday met Jain at Sector 128 office of Jaypee Group requested him to ensure the protection of rights of buyers.

“Jain said he will go by the rulebook but he will accept claims from buyers. We will meet the secretary, ministry of corporate affairs and company law board to ensure that interest of buyers is protected. The secretary, ministry of corporate affairs has the power to issue clarifications and define the status of homebuyers and protection of their investment,” said Nagrath.

A section of buyers feel that government should issue immediate orders to authorities to help homebuyers.

“I met Uttar Pradesh chief minister Yogi Adityanath in April. He directed the Noida authority chief executive officer in front of me to make an action plan of revival of realty projects. It has been five months since that meeting, but there is no roadmap in place to revive the projects. Therefore, if any leader wants to extend help to us they should enable the government take over the projects and complete the same,” said Krishan Mitroo, a retired Airforce official and a homebuyer in Jaypee’s Wish Town.