Jaypee group is expecting to complete the construction of remaining 24,000 flats out of the total 32,000 flats in Noida by 2020, according to media sources. The project was started in 2007. The total cost of the project would be around Rs80bn, of which Rs60bn is expected to come from the home buyers.
28,000 units were with Jaypee Infratech and 4,000 units were with Jaiprakash Associates. Both firms belong to the Jaypee group.
Jaypee group advisor Ajit Kumar has said that the group has already delivered 6,300 flats and 1,500 plots so far and the target is to handover 5,000 units by June.
He further added that they have applied for an occupational certificate for 1,500 units and are in the process to do so for another 3,500 units. The group would pay compensation to home buyers for the delay in possession of flats. Jaypee group has enough assets, including vacant land parcels, to pay all bank dues. At present, the group is investing about Rs20-30cr a month on construction and the fund is coming from toll collection of Yamuna Expressway and home buyers.
Jaypee Infratech has been taken over by an NCLT-appointed Insolvency Resolution Professional (IRP) for recovery of bad loans.
Moving ahead with the process, IRP Anuj Jain, had on October 27 issued a public notice seeking applications from entities with regard to the resolution of Jaypee Infratech. Several players have submitted an expression of interest. The resolution plan needs to be approved by the NCLT and the creditors.
Jaypee Infratech Ltd is currently trading at Rs23.55, up by Rs0.45 or 1.95% from its previous closing of Rs23.1 on the BSE.
Jaiprakash Associates Ltd is currently trading at Rs24.55, up by Rs0.05 or 0.2% from its previous closing of Rs24.5 on the BSE.
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