Jaypee Wish Town investors stage protest against project delays


Alleging that the Jaypee Group diverted the money taken for its Wish Town project to buy more properties, rather than completing the project, investors staged a demonstration at the Yamuna Expressway Industrial Development Authority, demanding action against the builder

Jaypee Wish Town investors, on April 21, 2017, gathered at the Yamuna Expressway Industrial Development Authority (YEIDA) office in Noida, to protest against the builder over delays in the project completion and alleged diversion of funds to other projects. They met YEIDA chief executive Arunvir Singh and submitted a memorandum of demands to him. The CEO assured them that action will be taken against the builder.

Later, investors also went to the collectorate and gave the memorandum of demands to the district magistrate.

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The property buyers told the CEO that the Jaypee management has claimed that the company has taken a loan of Rs 1,800 crore to complete the project, but they feared that the builder may invest the loan amount in other projects. The buyers, who claimed to have paid over 90 per cent of the cost of their flats, alleged that the company diverted their money to buy more properties, rather than completing the project with the funds.

For project implementation, the investors also demanded that a monitoring committee be set up, having members of Noida and YEIDA officials and also the district administration. “In the interest of investors, strict measures are being taken, so that project are completed and investors get possession of flats,” Singh said. Amid buyers’ complaints and huge delays in completion of projects, YEIDA is taking various steps to restore the confidence of customers, he added.

YEIDA, recently, also asked the Jaypee Group to pay the total outstanding amount of Rs 600 crore by August 2017, against a 1,000-hectare land parcel allotted to the company. The authority recently cancelled the building plans of 17 projects of six builders, including Jaypee Group.

According to sources in the authority, the building plans were cancelled, as they did not address objections raised by the authority.

 

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