Jaypee Buyers Protest, Demand Refund For Scrapped Project Near F1 Race Circuit

Jaypee buyers protest

NOIDA: Nearly 200 aggrieved homebuyers on Friday protested against the Jaypee Group and the Yamuna Expressway industrial development authority (YEIDA), demanding refund of their investment in a scrapped project. The buyers gathered outside the authority’s

 administrative building in Greater Noida and shouted slogans against Jaypee and the government.

Jaypee Infratech Private Limited had in 2013 launched a luxurious studio apartment project under the name ‘Buddh Circuit Studios’. It was proposed next to the Formula One circuit, the first and only one in India. The builder had promised that each apartment would have excess to the club, sports facilities and Formula One track and the apartments would be delivered in 2014-15. But in 2016, Jaypee scrapped the project, spelling trouble for around 3,000 buyers.

“The builder had launched one bedroom, hall and kitchen (1BHK) flats of 560 sq ft and 725 sq ft, with prices starting from Rs 18.42 lakh. Since the price was low and the facilities were luring, the flats were sold like hot cakes. But the builder scrapped the scheme in 2016. We want refund assurance from the authority or else we will intensify our protest,” said Manish Jindal, a buyer.

The Jaypee Group had scrapped the project citing fund crunch amid slowdown in the realty sector, said officials. No Jaypee Group official was available for comment on the issue. The two studio apartment complexes under the name Buddh Circuit Studios- I and II had 1,500 flats each.

The Allahabad bench of the national company law tribunal has appointed Anuj Jain, a chartered accountant, as interim resolution professional (IRP) under the Insolvency and Bankruptcy Code, after admitting an insolvency plea from IDBI on August 9. Jain has taken over the Jaypee Infratech management.Jaypee Infratech, through a public notice, assured homebuyers not to panic. The builder, IRP and the Noida authority through a joint statement assured that their investments were safe.

Buyers, however, are in panic and thronging the offices of the authority and the Jaypee Group with no one available there to answer their queries.“This is cheating and the government is doing nothing to safeguard our investment. We had invested our hard-earned money with the hope that our investment is safe. But now the government is not assuring help,” said Kartavya Kaushik, a buyer.

Most investors in these two projects are youngsters .

“When we met Yamuna authority CEO Arun Vir Singh on August 2, he offered us refund. But now after the appointment of the IRP, the CEO did not mention our refund case,” alleged Jindal. The buyers ended their protest after the CEO assured their money would be refunded. “Like buyers of Aman-3, Yamuna Vihar and Udaan, the studio apartment owners will get refund. They will get first the instalment in October 2017 and the remaining by October 2018,” said Arun Vir Singh, CEO, YEIDA.

Source From: http://paper.hindustantimes.com/epaper

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