Jaypee flat possession delay: Buyers demand suspension of EMIs, stage protest in Noida against management

Noida: Called for a meeting by crisis-hit Jaypee Group, a section of homebuyers Friday boycotted the meet and protested in Noida against huge delay in possession of their apartments. However, over one thousand other homebuyers attended the meeting called by Jaypee group to address the homebuyers’ concern and discuss its proposal to resolve this crisis. The meeting was held at an auditorium in the Jaypee Institute of Information Technology, Sector 62, in Noida. Terming the meeting called by Jaypee group top official Manoj Gaur as an “eyewash”, a section of buyers did not attend the meet and sat on a protest at the venue while blaming the developer Jaypee group as well as the central and state governments for their plight. They demanded that banks should be asked to suspend monthly equated-monthly instalment (EMI) for the time being to provide some relief. Around 22,000 homebuyers are stuck because of significant delay in delivery of flats by Jaypee group’s debt-ridden firm Jaypee Infratech, which is undergoing insolvency proceedings. State-owned NBCC and Mumbai-based Suraksha group are in a race to acquire bankrupt Jaypee Infratech. Jaypee Group too has submitted its resolution plan but the same is not being considered by the lenders at this stage. [caption id=“attachment_4294419” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] “I bought the flat in 2010. It was expected to be delivered in 2013. I have paid 90 percent of the amount, around Rs 45 lakh, but have not got it even now,” said SP Mittal, 47, an engineer in a private company. Gaurav Pal, 43, said he has shelled out 90 percent of the amount, around Rs 62 lakh for a 3BHK whose delivery was promised by Jaypee Group in 2013. “I live in a rented accommodation in Noida Sector 78 with a family of five. It’s a double whammy, paying EMI on home loan and the monthly rent,” Pal, who works in a consultancy, said. Government employee Mandira Mukherjee said it’s been 11 years since she invested in the property which was to be delivered by 2011. Mukherjee, a general manager in Oil and Natural Gas Corporation (ONGC), said she has paid around Rs 1 crore (95 percent of the total amount) for a 3BHK in Jaypee Wishtown’s Kalypso tower. “But he (Manoj Gaur) told us clearly that he doesn’t have any money,” she said, standing in moral support of those on the hunger strike outside the Jaypee Group’s college. Gautam Rastogi, 47, who lives in Sector 93 in rented accommodation with his family, said he had bought the property through a private bank. “I work in a private company as an engineer. I have to pay the rent, the EMI, take care of my family also. At least the bank should stop the EMI till we get the possession. The government and bank have all our details, we are not running away. At least they can do this for the aggrieved buyers,” Rastogi said. Arvind Verma, 47, alleged that the group is not bothered about the thousands of homebuyers but only about his land along the Yamuna Expressway. “The government has not played its part as well – both the central as well as state government. They saw it coming and could have done something. It’s a systemic failure,” he said.