Jaypee home buyers protest company’s liquidation, says we need home

To express their anger against Jaypee group insolvency matter proceeding, Representatives of various home buyers association like DTPOWS, Aman home buyers association and Klassic home buyers association yesterday gathered and protested at Jaypee Wish town Noida Sales Office.

Mr. Arvind Jain, President, Developers Township Property Owners Welfare Society (DTPOWS), who was heading the protest said, “We are not in favour of liquidation of Jaypee Infratech. All we want is the 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.”

Over 20,000 homebuyers of Jaypee Infratech stare at uncertainty once again after banks rejected resolution plans offered by Valia group on accounts of low valuation.

Speaking on this rejection, S.K.Nagrath, President of Aman home buyers association, said, “ While there has been some hopes for us with other developers taking interest in completing the projects, but after yesterday’s development the fate of the project is not going to be positive.”

Representative of Klassic home buyers association who was also present at the protest said that the buyers just want possession of their homes without any legal headache. We now hope that honorable Supreme Court must direct the builder to honour all promises made in their bid and handover the construction and execution of projects to a team of professionals.

Moreover, the buyers also requested to set up a monitoring committee comprising of buyers representatives from each project and other professionals which will look after the progress of the project.

Jaypee Infratech, a subsidiary of Jaypee group’s flagship firm Jaiprakash Associates, had started development of about 32,000 flats in Noida in 2008. But till date, they have delivered only 9500 flats. However, buyers of over 20,000 flats are yet to get the possession.