Noida: The troubles of thousands of flat buyers in Jaypee Wishtown in Noida are not ending. The dreams of home buyers in Jaypee Wish Town are once again in trouble. Residents of Sector-128, 129, and 130 have petitioned in NCLT against Suraksha Group.
These allegations have been levelled against the Suraksha Group
Not opening escrow accounts, Failure to raise construction funds worth Rs 3,000 crore, The slow progress of construction work in nine projects, Unnecessary increase in maintenance charges, Delay in payment to workers and contractors
What is the current situation?
Two senior managers have resigned, tenders were issued for only 41 out of 97 towers, IIT Delhi’s structural audit report unpublished, The price of unsold flats increased from Rs 4,575 to Rs 8,000 per square foot.
20,000 home buyers upset
According to the chairman of Jaypee Infratech Real Estate Allottees Welfare Society, Suraksha Group acquired JIL in May 2024, but no concrete progress has been made so far. Although Suraksha Group has cited the restrictions imposed regarding GRAP IV as the reason for the delay, flat buyers say that the problems were already present before this. The next case hearing will be held on January 8, 2025, in NCLT, where about 20,000 troubled home buyers are hoping for justice.
Home buyers have been waiting for a decade
Even after the plan given by Suraksha, the construction work of flats is not only slow but in most of the projects, the construction work has come to a complete halt. According to a report, homebuyers have been facing the hanging of this project for almost a decade. Ashish Mohan Gupta, President of Jaypee Infratech Real Estate Allottees Welfare Society, says that no funds have been raised so far, Suraksha had to arrange Rs 3,000 crore for the construction of 9 pending projects.
No progress on 56 towers so far
Flat buyers have also alleged that construction activities have come to a complete halt even after promises by Suraksha to increase the construction pace in the fourth month of approval of the plan. The limited work done during the tenure of the IRP stopped after the removal of the previous contractor. 97 towers were to be constructed in 9 projects, but as of August 2024, tenders were issued for only 41 towers, while there has been no progress on the remaining 56 towers so far.