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Jaypee Home Buyers Oppose Liquidation, Want Delivery Of Their Homes

“We are not in favour of liquidation of Jaypee Infratech. All we want is completion of projects and possessions of our homes for which we have invested our lifetime savings and devastated our financial and mental status. We request all the stakeholders to help revive the projects so that we can get homes,” said Arvind Jain, President, Developers Township Property Owners Welfare Society (DTPOWS), the association that represents homebuyers of Jaypee Wish Town in Noida.

Notably, Valia Group which was one of the short listed bidders for Jaypee Infratech project had offered a resolution plan after several rounds of consultation with banks and lenders, over a period of about last 9 months. However, the plan was rejected by the banks on account of low valuation.

“While there has been some hopes for us with other developers taking interest in completing the projects, after yesterday development the fate of the project is not going to be positive. After years of sleepless nights and mental agony, our families are not able to sustain this misery anymore. We are already facing the risk of mental and emotional outburst resulting in serious health issues and requesting the concerned authorities to consider our state of mind,” said… Mr. S.K.Nagrath, President of Aman home buyers association.

Mr. Mitroo of Klassic home buyers association said that home buyers should not fall under IBC and be under Consumer Act.

In 2008, Jaypee Infratech started development of 32,000 flats and plots in its township Wish Town at Noida. However, possession of more than 20,000 flats is still pending as the project has come to standstill.

We want possession of our homes without legal headache and hope that honorable Supreme Court may direct the builder to honour all promises made in their bid, handover the construction and execution of projects to a team of professionals. A monitoring committee should be set up comprising of buyers representatives from each project and other professionals to be nominated by the honorable Supreme Court.

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