Co-developers to finish pending Amrapali and Jaypee group projects

In a relief to thousands of home buyers on Thursday, the three-member panel, formed by the Uttar Pradesh government to resolve the builder-buyer dispute, said that co-developers will be involved to improve situation of the Amrapali and Jaypee projects while stating that Unitech’s proposal to surrender its lands is being considered.

The committee comprising industries minister Satish Mahana, urban housing minister Suresh Khanna and state minister (independent charge) of cane development and sugar mills Suresh Rana met builders and home buyers on Thursday as well, in the presence of the chief executive officers of Noida, Greater Noida and Yamuna Expressway authorities.

Presenting the action plan in Greater Noida, Khanna gave Amrapali Group one month time to begin construction and two years to complete the projects.

“Around 99 per cent home buyers have asked for delivery of their units and keeping that in mind, some solutions have been arrived at. Homebuyers will not have to pay any amount to the builder until projects are completed. However, they will have to pay up the amount before the registration process begins,” said Khanna.

The announcement followed a meeting with builders body Confederation of Real Estate Developers’ Associations of India (CREDAI), which offered to take over Amrapali’s and other builder’s projects once a formal co-development policy is approved by the government.

“CREDAI, a developers body will be involved in Unitech, Amrapali, Jaypee’s projects to improve the situation in order to cut off the direct involvement of builders in future,” said Suresh Khanna, UP urban housing minister.

The panel has assured them that UP Government will not let anyone’s money go waste.

Earlier, Yamuna Expressway Industrial Development Authority (YEIDA) assured home buyers of six scrapped projects of Jaypee group in its area that their money will be refunded at any cost.

“Authority will cancel the Jaypee group’s lease, liquidate assets, recover the money and pay it back to them if the realtor fails to pay the first instalment of the refund by October this year,” said Arunvir Singh, YEIDA CEO.

Around 3,367 buyers have invested in 6 projects of Jaypee group in YEIDA area — Budh Circuit-01, Budh Circuit-02, Nature View, Boulevard, Aman-III and Udaan.

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