Jaypee Greens to deliver 6,000 units within 1 year:-
Developers and analysts say that once Jaypee Group starts delivering apartments in Wish Town, its mega project on Noida-Greater Noida Expressway, sentiment in the sector would improve in the whole region
Jaiprakash Associates Ltd (JAL) will deliver 6,000 apartments in the next one year in its mega project, Wish Town, in Noida, said the company’s executive chairman, Manoj Gaur.
The company has delivered 5,500 apartments and 3,000 plots so far. Gaur said the company would deliver 8,000 apartments in 2018-19, and the rest by 2020. The company launched 32,000 apartments–out which 1,500 are unsold–and 3,200 plot so far.
JAL will soon restart construction at its housing projects in Wish Town, on Noida-Greater Noida Expressway, as it has received Rs 1,800 crore in working capital from banks, Gaur said.
Gaur said work in 50 out of the 250 unfinished towers would be visible in a week’s time and in 70 more towers by April 29. The company is set to release the schedule of construction of all the projects by April 29.
Gaur said banks agreed to extend a working capital of Rs 1,800 crore to JAL after the company received government approval to complete the sale of its ce ment plants for Rs 16,500 crore to UltraTech Cement of Aditya Birla Group.
The working capital will help meet the immediate funding requirement to restart construction at Wish Town, Gaur said. As of today, the company has out standing dues of around Rs 7,000 crore from its customers, which it would start realizing once construction resumes, Gaur said.
The amount required to complete the construction of all the projects is Rs 9,000 crore and the difference would be met from the proceeds of the company’s 1,500 un sold units and commercial space, Gaur said. The company hopes that with the restart of construction, cash flow would improve and help it expedite the construction and delivery of the projects. Gaur hoped that the sentiment in the real estate sector would improve in the next one year, which would assist the company monetize its unsold units and unused land.
At present, Gaur said his top priority is to complete projects so that everyone’s interest is protected. But, if the company were asked to return money of the customers, Gaur said it would be very difficult for his company to complete stalled projects. Returning money to a few buyers would affect the interest of the majority of customers, Gaur said.
Nearly 27,000 buyers are agitating against developers for the delay in possession of their promised flats in Jaypee Greens Projects at various locations. Buyers are still sceptical about the promises being made by developers, saying that developers had made similar promises earlier, too, but did not keep them.
To this, Gaur said that earlier the company could not keep its promise because of unforeseen because of unforeseen circumstances.
“Now, as the working cap ital has been released by banks, we can say with confidence that we will be able to meet the new meet the new timeline set for completing our proj ects,“ Gaur said. Gaur also requested buyers to form groups of around 7-10 people from amongst themselves in each project to monitor the progress of construction. He said that the company would soon update its websites and that from June customers could get access to real time updates on the progress of construction. The company would also notify each buyer about the construction schedule of his apartment and the respective project through email.
Jaypee Group is the biggest real estate player in Noida and all its projects are behind schedule. Developers and analysts say that once the group starts delivering apartments to its customers, sentiment in the sector would improve in the region.
Gaur said the company would do everything to ensure that its buyers get their due and hoped the sector would improve within a year.
Source: Times Property Dated 22/4/2017