Saturday 27th August 2016
Jaypee Wish Town – Not a Farfetched Dream anymore!
Jaypee Wish Town which was flagged off in 2008 is a massive 1162 acre project in Noida- Greater Noida Expressway, comprising 25 different societies and 35,000 apartments. The buildings are in multiple stages of completion. It seems that Jaypee has been diluting its land holdings by raising funds to complete its existing projects. In January of this year the company had promised to deliver by the end of the year about 7,000 apartments. Of the 35,000 apartments, only about 5,000 have been fortunate to get occupancy certificates, and of these, only 75 in Klassic and 50 buyers in Kosmos have moved in. Most of the township is lagging heavily behind by being off schedule, while Kalypso is far from completion.
The 25 apartments at Wish Town include Pavillion Court, Tiara Tower, Kristal Court, Kasablanca Tower, Pebble Court, Garden Isles, Kensington Boulevard, Jaypee Orchards, Wish Town Klassic, Kensington Park, Pavillion Heights, Klassic Heights, Jaypee Kalypso Court, Jaypee Pavillion Court, Kingswood Oriental Villa, The Imperial Court, Kallisto Town Homes, Kensington Park Plot Phase I and Kensington Park Plot Phase II while prices range from mediocre to premium. The flats have been over due by 5 to 7 years being sold all between 2009 and 2011.
Jaypee Kalypso Court project had started in 200 which were meant to have 16 towers.With the builders starting to give possession to buyers in only five towers, the housing project was bound to be completed by 2011 but seems to be still pending in most towers.
About 600 buyers have filed a legal lawsuit against Jaypee annoyed by the delayed construction & possession and in the misery of raising debts and false promises. The hope of Jaypee buyers was rekindled when the National Consumer Disputes Redressal Commission (NCDRC) ordered Jaypee to pay a whooping penalty of 12% per annum which is much higher than the 2-3% the builder assured in the agreement papers. If it cannot offer possession by July 21 this year, Jaypee will also have to pay a further penalty of Rs 5,000 per day per flat. Jaypee hopes to against this in higher courts without divulging in any demands. More and more people are coming into the light of legal action and seeking help to go against these overpowered giants.
The move comes amid protests by home buyers against builders for delaying possession of homes. According to property research firms, more than half of the real estate projects across the country are currently delayed by over 12 months. Of this about 25% are delayed by over 36 months. Hope this delay isn’t further cased and rightful path is paved.