Jaypee homebuyers to stage protest on Feb 14 over non-delivery of flats

at 8:49 pm

New Delhi (NVI): Thousands of homebuyers of Jaypee Infratech Ltd in Noida on the outskirts of Delhi have decided to hold a protest on February 14 to highlight their acute grievance on account of non-delivery of the flats they bought over a period of last one decade or so.

The matter is currently sub-judice. A three-judge Supreme Court bench reserved the order in October last year after hearing all sides.

Around 30,000 homebuyers are eagerly waiting for the flats for which most of them have made payments even up to 95 per cent. Jaypee Infratech Ltd is the real estate arm of Jaiprakash Associates Ltd and an insolvency case was filed against it in August 2017 for default in repayment of borrowings from various banks.

As per the resolution plan approved by the NCLT about a year back, central government-run NBCC won a bid to complete the under-construction projects of the Jaypee Infra.

But thereafter some petitions were filed in the Supreme Court, whose final judgment is keenly awaited by the anguished and anxious homebuyers.

The residential and commercial projects were launched by Jaypee Infra in 2008 and 2009 and most of these were scheduled to be completed by 2012. Altogether, more than 35,000 apartments were to be constructed under various projects. However, the company failed to deliver the projects as per the promised scheduled, and also started defaulting on repayment of bank borrowings.

After waiting for all these years, the patience of homebuyers has run out and they have decided to hold protest on February 14 with the hope that their voice is heard and the Supreme Court delivers a favourable judgment at the earliest.

As per the plan, the homebuyers will carry out a ‘car rally with flags and placards’ from Japee Wishtown in Noida to Jantar Mantar in Delhi via India Gate and Rajpath.

If permission is not granted, the rally will be taken out in Noida itself.

“The main purpose of this protest is to send a message to the Honourable Supreme Court of India and all concerned authorities — state and central,” according to an organiser.

“Japyee homebuyers have been suffering for last 11 years and our problems are multiplying with every passing day. We request the Honourable Supreme Court of India to take cognizance of the concerns of the homebuyers and pass the final order at the earliest possible,” the organiser said.