With the threat of liquidation looming large, Jaypee Infratech, a Jaypee Group company, is fervently working to expedite the deliveries of its apartments. The company is aiming to deliver over 5,100 apartments and plots by March 2018 in order to salvage its position in the ongoing tussle with homebuyers and lenders.
Jaypee Infratech had in 2007 proposed to build over 32,000 flats and some plots under the Integrated Wish Town project located in sectors 128, 129,131, 133 and 134 along the Noida-Greater Noida Expressway. With the planned deliveries by March, the total number is expected to touch 11,100 in this project this financial year.
As matters stand at the moment, the company has applied for occupation certificate (OC) with the Noida authority for about 600 units, and is in the process of applying for the same for an additional 4,500 units.
“The construction is being approved and overseen by the IRP (Insolvency Resolution Professional). Currently, we have OC applications pending with the Noida authority for close to 600 units, and we expect to get them very soon. Between December and March, we hope to apply for OC of another 4,500 units,” said Ajit Kumar, advisor, Jaiprakash Associates.
The proposed deliveries include units sold by both Jaiprakash Associates and Jaypee Infratech. Of the total units, Jaiprakash Associates had sold 4,000 units, while the rest were sold through Jaypee Infratech.
“Till date, we have received completion certificates for over 7,000 apartments and 48 town homes. Out of these, we have offered possession to about 6,255 apartments and 47 town homes. Besides these, we have also given over 1,650 residential plots to the buyers. For the rest of the apartments Offer of Possession letters are being sent regularly,” said Kumar.
The National Company Law Tribunal-appointed IRP Anuj Jain has already invited bids from companies and fund houses to complete Jaypee’s delayed projects.