Wednesday 22 November 2017

Buyers can expect to get their flat in Jaypee Greens Wish Town:-

The buyers of Jaypee Greens may have hope to get their homes as Supreme Court is taking expected steps to safeguard the favors of home buyers as following action has taken by the court in hearing of 22 Nov 2017.

SC bars Jaiprakash Associates directors, promoters from transferring personal assets 

New Delhi: The Supreme Court on Wednesday restrained the independent directors and promoters of Jaiprakash Associates Ltd (parent company of Jaypee Infratech) and their family members from transferring any personal assets or property without the court’s permission in order to safeguard the homebuyers’ interests.

They will be held for criminal prosecution or contempt of the courts order if found in violation, the court held.

Eight independent directors and five promoters of Jaiprakash Associates were personally present in court on Wednesday.

“You have gone up at the cost of home buyers,” said chief justice Dipak Misra as he addressed the directors and promoters. A bench headed by CJI Misra also allowed Jaiprakash Associates to furnish the due amount of Rs2,000 crore in instalments.

An amount of Rs275 crore was deposited by the company with the court registry on Wednesday. After this, the company’s liability stands at Rs1,725 crore. The court has directed that Rs150 crore be deposited by 14 December and another Rs125 crore by the end of December.

At the last hearing, Jaiprakash Associates’s offer to deposit Rs400 crore towards the due amount of Rs2,000 crore had been rejected by the court.

Pawan Shree Agrawal, amicus curiae (friend of the court) in the matter, has also been asked to set up a website that would help maintain a detailed account of the money owed to homebuyers and aid the refund process. Similar websites have been set up under the court’s orders in cases of default by real estate companies like Unitech and Supertech.

On 4 September, the apex court had stayed an order passed in August by the Allahabad bench of the National Company Law Tribunal (NCLT), which initiated insolvency proceedings against Jaypee Infratech. A day later, IDBI Bank approached the court seeking restoration of insolvency proceedings against Jaypee Infratech.

The court was hearing a public interest litigation (PIL) by Delhi resident Chitra Sharma, who has booked a home in a Jaypee Infratech project.

Homebuyers in Jaypee Infratech projects were required to fill up forms to register claims in the corporate insolvency resolution process against the firm by 31 August.

In a 9 August order passed by the Allahabad bench of NCLT, liquidation proceedings against Jaypee Infratech were initiated under the Insolvency and Bankruptcy Code of India (IBC), 2016. Jaypee Infratech has defaulted on Rs526.11 crore of loans outstanding to IDBI Bank.

Sharma’s plea sought a stay on the NCLT order, and urged the court to conduct a forensic audit of Jaypee Infratech and Jaiprakash Associates. The petition submitted that such an order was forcing homebuyers to submit themselves to the jurisdiction of the IBC, even though it does not cater to their interests.

Jaypee Infratech was among the 12 companies, against whom the Reserve Bank of India (RBI), through its 13 June directive, had asked banks to file insolvency petitions.


The matter will be heard next on 10 January, when the 13 independent directors and promoters will also be present.

By reading above news it may be seen that the home buyers of Jaypee Greens Wish Town can get the homes.


Monday 20 November 2017

Jaypee Greens Buyers are Anxious to Get Possession:-

Since few days back many news are coming in regarding to possession of Jaypee Greens Wish Town project that Jaypee Infratech Limited is passing in state of insolvency / bankruptcy and India's top court The Supreme Court is hearing about the matter. So buyers are worried about their hard - earned money which is invested in various projects of Jaypee Greens Wish Town.

Due to various kind of news coming regarding the project, buyers are much worried about the getting possession and many of them are want to withdraw their amount. Though project is almost ready and construction work is almost done only finishing and final touch is left in most of apartments.

At present time in Jaypee Greens Kosmos and some other projects people are living with all facilities such parking, club, sports facilities, kids play area open and green area. So those projects are ready to move in, there people are living.

People who purchased the home in Jaypee Greens Projects are waiting for getting for possession in their projects and they don't want the get return their money.


Thursday 2 November 2017

Ready to Move in Projects are in Demand in Real Estate Market:-

Due to various projects delayed in real estate field, the demand of ready to move in projects is increased, People are thinking that if they go for fresh booking project, they would have to pay double of their earning i.e. rent for his living house and home loan EMI for new home loan and as per history shown that the builders are not reliable for proving houses on time. 

There are the numbers of list of undelivered houses which were launched last 5-6 years back and the home buyers are still waiting and paying the home loan emi since 5-6 years.  The status of projects is still undeclared that is why people are not much interested to purchase new launched projects, though RERA would be watching over the builders and government also doing favorable law to secure the right of new home buyers but builders having many ways to get benefits. 

Seeing all that new home buyers are much interested to purchase homes in ready to move in projects to avoid problems of delay etc.

Jaypee Wish Town a project in which many projects are ready to move in such as Jaypee Kosmos, Jaypee Klassic where affordable prices and ready to move in flats are  available, most of part of Jaypee Kosmos and klassic is ready to move in. Jaypee Greens Wish Town a township in which luxurious apartments developed in sector 128 where most of projects  are ready to move in and people are living there in close vicinity of largest golf course.  

Noida Expressway having most projects such as ATS pristine in sector 150 ready to move in and commercial buildings, IT companies are functional there, it have the great connectivity via Noida Greater Noida Expressway and other side with Yamuna Expressway. Metro line is under construction from Noida City Center to Greater Noida Pari Chowk and prime sectors of Greater Noida City.