Jaypee Infra Expedites to Deliver 5100 Flats and Plots by March 2018

The subsidiary arm of debt-affected Jaypee Group, Jaypee Infratech expedites the speedy delivery of its 5100 apartments and plots by the end of March 2018 due to the fear of liquidation, so it could save itself from the consistent issues with lenders and homebuyers.

In 2007, the company planned to build up to 32000 apartments and plots under the specialized project of Integrated Wish Town on Noida-Greater Noida Expressway. The company has planned the delivery of over 11000 plots and flats in this project for the current year.

An insolvency resolution expert appointed by the National Company Law Tribunal (NCLT) has already replaced the board of the company. Hence, there is a peer pressure on Jaypee Infratech Ltd from the homebuyers because of huge delay of projects delivery. With June 13 directive, Reserve Bank of India allowed banks to file the petitions for insolvency against 12 companies and Jaypee Infra was one of them. With Noida authority, the company applied for OC (occupation certificate) for around 600 units and it is applying for it for more 4500 units, which is in process.
Ajit Kumar, advisor for Jaiprakash Associates, told that the Insolvency Resolutionn Professional (IRP) has overseen and approved the construction. The OC applications are under process by the firm with Noida authority for up to 600 apartments and are expecting to get soon.

According to the Economic Times, Kumar said, “We have got completion certificates for up to 48 town houses and 7000 apartments till date. We have allotted the possession to around 47 town houses and 6255 apartments. Along with these, over 1650 residential plots have been given by us to the buyers. Offer of Possession letters for the rest of flats are being sent to the homeowners on regular basis.” Anuj Jain was appointed as IRP by the NCLT. He has also called upon the bids from fund houses and companies to finish the delayed projects from Jaypee. The units sold by both Jaypee Infratech and Jaiprakash Associates have been proposed to be delivered. Total 4000 units have been sold by Jaiprakash Associates out of total units and the rest by Jaypee Infratech.