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2-min read

Angry Home Buyers Protest Outside Jaypee Group's Noida Office

Jaypee Infratech has handed over 6,000 of 28,000 flats that were proposed. In July, it offered possession of 1,000 flats in the Jaypee Aman project in Sector 151.

Tanushree Pandey | CNN-News18

Updated:August 16, 2017, 11:34 AM IST
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Angry Home Buyers Protest Outside Jaypee Group's Noida Office
Home buyers stage a protests outside Jaypee group's Noida office. (picture: CNN-News18)
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New Delhi: Two days after the Allahabad bench of the National Company Law Tribunal (NCLT) admitted IDBI Bank’s insolvency plea against Jaypee Infratech, hundreds of irate home buyers staged a protest outside Jaypee Group’s Sector 128 office after being "cheated by a bankrupt builder".

Things went out of control when the protesting home buyers, who have booked flats in Jaypee Group’s Wish Town in Sector 128 and Jaypee Aman housing projects in Sector 151, broke the barricades and barged into the office, shouting slogans against the realtor and the UP government. Many home buyers were lathi-charged by the guards.

Jaypee Infratech has handed over 6,000 out of 28,000 flats that were proposed. In July, it offered possession of 1,000 flats in the Jaypee Aman project in Sector 151. As part of this project, it was supposed to deliver a total 5,000 flats. After the insolvency plea, home buyers doubt if they would ever receive the keys of their promised apartments.

“Previous governments in Uttar Pradesh sheltered Jaypee Infratech and did nothing to prevent innocent home buyers from falling into the trap of this realty firm. We have suffered for the last 6-7 years, as the builder failed to deliver the projects as per schedule. And now, the insolvency plea has only made things more uncertain for us. We have invested savings of our life and now we are left stranded,” SK Nagrath, retired army official and president of Jaypee Aman home buyers’ association, said.

Jaypee Infratech promoter Manoj Gaur on Saturday came out to address thousands of angry buyers of the company's unfinished properties. He assured the angry home buyers saying, “Your money won’t go anywhere, I will not be able to sleep until I deliver your house.”

Gaur was accompanied by insolvency resolution professional Anuj Jain, a chartered accountant with BSRR & Co, and officials of IDBI Bank.

“Buyers, who have sought a refund or are seeking justice in consumer courts will not get anything until the NCLT case is settled. We are suffering, as government bodies, including the state government and the Noida authority, did not alert buyers to not invest in Jaypee Group’s projects. The government should take over Jaypee Group’s assets and raise funds to deliver flats to us,” Orchie Bandhopadhyay, a buyer of Jaypee Group, said.

Though Noida Authority asked home buyers not to panic saying they would soon come up with a plan to secure the interest of over 32,000 homebuyers, the buyers in properties of various under-construction projects of Jaypee fear the loss of their money due to the likelihood of liquidations of the company.

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| Edited by: Mirza Arif Beg
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