Home buyers of Jaypee Infratech in Noida are likely to see some respite, with the developer set to hand over 1,000 more houses to customers ready for possession next month. The company also added that 500 flats will be ready by the end of this financial year. “We are working hard on the completion of the project so that buyers may get some relief. While the insolvency process is on, in the next one month 1,000 more houses will be ready for possession,” said a source in the know.
When the company went in for insolvency last year, 28,000 home buyers were waiting for flats to be handed over for possession. As of August, 3,400 houses were ready, with the 1,000 flats announced now taking the number to 4,400.The source also said that another set of 500-600 flats will be ready by the end of this fiscal, which will increase the number to 5,000. The process of getting possession was further delayed for customers since the IBC amendment bringing homebuyers at par with financial creditors was implemented in June.
The Supreme Court has also ordered that the insolvency case against Jaypee be returned to the National Company Law Tribunal and the entire process, including asset bidding, be restarted.Earlier this month, National Building Construction Company (NBCC), along with three other construction companies including Suraksha Asset Restructuring Company, Kotak group and Singapore-based ICUBE, were shortlisted by the lenders to buy the debt-ridden Jaypee Infratech.