The Insolvency proceedings launched against Jaypee InfraTech has left many homebuyers in agony of diminished savings and no homes.
These people invested in Jaypee InfraTech projects had their home dreams shattered along with their lifelong savings and now fear for their refund claims.
Due to these ongoing insolvency proceedings of the Jaypee and Amrapali groups there is a huge uncertainty amongst the homebuyer community. And to stage their anger they have started protesting at various places to seek the State and Central government’s attention to find a time bound solution.
The following are the agendas for :
- Central Government should promulgate an ordinance with immediate effect to stop proceeding under Insolvency and Bankruptcy Code (IBC) in case of Jaypee and Amrapali.
- Repeal the Insolvency Bank Code (IBC) 2016 either by addition of home buyers in the secured creditors or keep the housing real estate companies outside the purview of IBC 2016
- Repeal the UP RERA and amend the ongoing projects in similar line with Central RERA
- Imitate proceedings under IPC against the builder who had deceived the homebuyers.
- Conduct a thorough CAG monitored audit of all the real estate companies since the project launch to find out the division of public funds.
- Set up a RERA chapter in Gautam Budh district.
- Withdraw the GST hike on the housing projects.
- Registration of the flats should be only on the basis of carpet area and not the super area.
- Projects that are left midway should be completed either by NBCC or other Government PSU companies.
- Banks should be restrained from seeking EMI.
- Build a special Legislation to protect the common interests of the home buyers.
The matter, which is of large public interest, could have "cascading effect" on the entire real estate business and market sentiment in NCR, if not handled well.