Jaypee Infra insolvency: IRP floats EoI for resolution plans

Jaypee Infra insolvency: IRP floats EoI for resolution plans :-

NEW DELHI: The interim resolution professional (IRP) appointed in the Jaypee Infratech insolvency case has invited companies, investment firms and fund houses with a net worth of over Rs 1,000 crore to complete the developer’s delayed projects, including Noida’s Wish Town, by infusing Rs 2,000 crore or more.

Entities able to take up the projects directly or through joint ventures and contractors should submit their proposals by November 7, Anuj Jain, the IRP appointed by the National Company Law Tribunal, said in an advertisement published on Friday.


Companies that take up the projects must ensure protection of the home buyers’ interests by timely construction and handover of the flats. They must submit their financial statements for the past three years, ownership details and proof of address with their applications.

Earlier this week, the Supreme Court denied permission to Jaiprakash Associates, the holding company of Jaypee Infratech, to sell the unit’s Yamuna Expressway to raise funds. However, the court extended the time for Jaiprakash Associates to deposit Rs 2,000 crore to pay aggrieved home buyers, as per its earlier order, from October 27 to November 5. The next hearing in the case is on November 13.

Abhishek Dubey, a New Delhi-based lawyer and a Jaypee Greens flat buyer, said it will be tough for a real estate company to undertake this mammoth exercise considering the protracted litigation under way in the Supreme Court, consumer courts and NCLT. Most importantly, he said, there is a lack of sufficient unencumbered assets with Jaypee that an incoming interested party can sell to raise funds for construction of flats. “Also, will the incoming investor make any profits is a big question to be answered , he said.

About 32,000 home buyers were left in the lurch after the Allahabad bench of the NCLT classified Jaypee Infratech as insolvent on August 9 on a petition filed by IDBI Bank under the Insolvency and Bankruptcy Code 2016. Jaypee had defaulted on a Rs 526 crore loan by the bank.

The builder informed the Supreme Court that it wants to sell the Yamuna Expressway to generate money and has an offer in hand for Rs 2,500 crore. However, its proposal was opposed by the Attorney General KK Venugopal, IDBI Bank, the Yamuna Expressway Industrial Development Authority and the IRP. The 165-km, 6-lane expressway connects Agra and the National Capital Region.

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Jaypee Homebuyers Finally Get Possession Letters

Jaypee Homebuyers Finally Get Possession Letters

TIMES NEWS NETWORK





Nearly 1,150 homebuyers in Jaypee Wish Town and Kosmos have received possession letters over the last twoand-a-half months when Jaypee Infratech was admitted for insolvency by the National Company Law Tribunal.Company sources said that during August and September, around 950 possession letters were offered, while another 200 letters have been handed over so far this month. The expectation is that the current pace of construction will be maintained and another 2,300 apartments in Wish Town will be handed over by December 2017.
Although the insolvency resolution professional has been running the operations, most of the apartments were close to completion before IDBI Bank moved the insolvency tribunal following instructions from the Reserve Bank of India.
With the current round of possession letters and 1,700 residential plots and town houses handed over around 7,700 residential units have been offered for possession. Jaypee Infratech had committed to build around 32,000 units across its 27 projects. While some of the projects were launched close to a decade ago, based on the current time lines, possession is to be completed by March 2021.
The insolvency resolution professional appointed by NCLT is trying to complete construction and also advance the delivery schedule, for which it has estimated that additional Rs 2,000 crore would be required. While the IRP and committee of creditors had planned to rope in investors to raise the funds, Jaypee has told the Supreme Court about plans to raise around Rs 2,500 crore from Yamuna Expressway .
Sources said that Jaypee promoters are in dialogue with Cube Highways, backed by a Singapore fund, and IFC, the World Bank's private sector investment arm, for a possible securitisation deal.
Cube Highways, which is credited with turning around some of the highway projects in India, had earlier proposed a 20 year securitisation deal, which IDBI Bank had virtually blocked.
While Cube Highways executives did not responded to messages, in response to a questionnaire, a Jaypee spokesperson said: “Since the matter is sub-judice in SC, please allow us to refrain from giving any responses at this stage.“

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Wish Town buyers demand completion of project by Dec 2018

Source : TOI dated 17th 2017

NOIDA: A private legal firm representing homebuyers of Jaypee Wish Town in the insolvency proceedings at NCLT has written to the Amicus Curie of the Insolvency Resolution Professionals (IRP) demanding all pending constructions at Wish Town be completed by December 2018.

The letter, which is an intervention application on behalf of buyers, was sent on September 15. The letter upholds the buyers' interests and demands the buyers be given 18% interest for the number of years for which the project has been delayed. The buyers have also demanded that Rs 10,000 crore be set aside for the completion of Wish Town and an additional Rs 5000 crore be set aside for any additional expenses arising for the completion of Wish Town by the builder.

The buyers have also requested that a special committee be created with representatives from the builders, buyers, lenders, construction companies and any other stakeholder in the project. The buyers have also harped on the need for an escrow account to protect any future fund that the buyers would make towards the builder for completion of the project.

"The letter was sent to represent the buyers in the NCLT proceedings as directed by the Supreme Court. This is an intervention application sent to the IRP through the legal firm representing us in the case," Krishan Mitroo, a buyer stated.

"The buyers have made a few valid points through the intervention that their investments should be protected, their houses should be handed over without delay and they should be compensated for the delay in delivery through interests," Pramod Kumar, a Wish Town buyer, said.

The Supreme Court in a recent hearing has asked the builder to deposite Rs2000 crore in lieu of completion of the project, by October 27.

http://www.jaypeegreens-noida.in/

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Jaypee Greens Wish Town: Buy Now, Move - in - Now

It has been seen in real estate sector that the end users of property are searching ready to move in options at various location of Noida. The buyers of ready to move in projects have increased due rumors that the realty market prices have came to lowest level whereas the seller of Ready to move in projects are stable and not moving in market due to such big chitchat. The realty is not near to true the price ready to move in apartments not so slow down and the experts are saying that market price of such project may increase and there are no any chances to go down the price.

So there is a project advisable for them who are looking ready to move in apartments at affordable price the project comes under the prestigious township the "Jaypee Greens Wish Town" and Jaypee Kosmos and Klassic are the affordable by size and prices. Even both the projects having luxurious and premium 3 and 4 BHK apartments with the all facilities and amenities and 2 BHK affordable also.

Jaypee Greens Wish Town; an integrated township having total five sectors of Noida and spread over 1162 acres of land. Sector 128 is a prime sector and a 18+9 hole golf course has developed and functional now. At the location of prime sector the project Jaypee Klaypso Court, Jaypee Greens Imperial Court, Pavilion Court and Pavilion Height are ready to move in and located just in-front of Golf Course.

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Best time to buy as prices are not going to fall any further

At the present time, real estate market is down and people are still waiting for more fall of prices where as the experts says that the time is best to buy homes for end use. Home loan rates of interest is also at the down point so opportunity is best to buy ready to move in.

A project on Noida Greater Noida expressway namely Jaypee Greens Wish Town having ready to move in projects in sector 128 and sector 134 in which approx 4000 apartments and homes area ready to move in and all modern amenities are fully functional.

Jaypee Greens Wish Town Ready to Move in projects having Modular kitchen, vaastu compliant, covered car parking, power back up, ready to move in. 2 tennis courts, Swimming pool, luxury fitness center, very open spacious excellent location, excellent landscaping,  security 24 x7, and intercom facility. So apartments are fully finished to live here and daily needs amenities are functional here.

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Luxurious Apartments at Jaypee Greens Wish Town

Luxurious Apartments at Jaypee Greens Wish Town:-

Sector 128 in Jaypee Wish Town is a prime sector in Jaypee Greens Wish Town in which luxurious apartments and Villas are ready to move in at the just in-front of 18 hole golf course. It have all modern amenities at one point. Jaypee Greens Wish Town has designed as nature friendly with large area of open space. The sports and club facilities has developed with every projects.

Sector 128 in Jaypee Greens Wish Town having luxurious homes, here either projects are ready to move in or almost completed so in near future the location would fully occupied with a class of gentry because the end users  of this location are good professionals or businessmen.

Market of real estate is in favour of buyers and ready to move in options/ homes are available at lower price. So we can say the golden time for new home buyers or end users. Jaypee Greens Wish Town is a iconic project on Noida Greater Noida Expressway so this is the best realty option in NCR.

Jaypee Greens Actual Pictures :-

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Banks cut lending rates: Ready to move in homes with low EMI

Banks cut lending rates: Ready to move in homes with low EMI:

Due to cut of interest rate on home loan the opportunity open the doors for lower middle and middle class of people to purchase affordable and ready to move in homes in various projects such as Jaypee Greens Wish Town and others ready to move in on Noida Greater Noida Expressway.  

Due to demonetization, the bank deposits flooded with money, which is now compelling the bankers to give a thought to reduce both deposits and lending rates. The bankers have recently cut knife on the savings/deposits rates giving a blow to the middle class. The government has been persuading banks since a long time to lower rates on the grounds that the deposits rates have come down and the benefits should be passed on to the end consumers. The banks will have to pay less interest to the consumers on various kinds of deposits.

Present time is a golden opportunity to buy their dream home the market is down, so without any delay the end users should take a final decision to purchase because later or sooner market would improve. The realty experts saying that there are various factors in improvement of the market.

Jaypee Greens Wish Town an integrated township at the prime location of Noida in which many projects are ready to move in and projects are occupied there. Affordable projects are Jaypee Kosmos and Klassic and premium projects are Imperial Court, Kalypso Court, Pavlion Court and Pavilion Heights in which people are living. So end users can buy dream home here.

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