Relief for Jaypee Infratech homebuyers; YEIDA to give refunds at any cost

In a bid to provide relief to panic stricken homebuyers, the Yamuna Expressway Industrial Development Authority (YEIDA) has assured them that money would soon be refunded to homebuyers who had booked flats with the debt-ridden Jaypee Infratech. The authority has promised that homebuyers of six scrapped projects of Jaypee Infratech in its area will get a refund ‘at any cost.’ As many as 3,365 buyers have invested in six projects of Jaypee group in YEIDA area that includes Budh Circuit-01, Budh Circuit-02, Nature View, Boulevard, Aman-III and Udaan, officials said. “We 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 installment of the refund by October end,” a senior official at the authority said.
As per an agreement with the builder, the first installment of the refund is to be given to homebuyers in October 2017, second in February 2018, third in May 2018 and the final in July 2018, officials said.

“Since the land of the realtor is on lease and ownership is with us, we will liquidate the assets and recover the money and give it back to the homebuyers,” the official said. According to officials, the decision to refund the buyers’ money was taken by the authority as no construction had taken place in most of the projects located in its area and the developer had also failed to refund money to homebuyers for more than a year. Jaypee Infratech has been facing protests and litigation from homebuyers due to huge delays in completing the projects.

Around 32,000 homebuyers of as many as 27 Jaypee projects in Noida and Greater Noida are left in lurch after the National Company Law Tribunal (NCLT) on August 9 admitted a plea of the IDBI Bank for initiating insolvency proceedings against the debt-ridden company for defaulting on `526-crore loan. It has appointed Anuj Jain the interim resolution professional to carry out the proceedings under the Insolvency and Bankruptcy Code.

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