Noida: Finally, an end to years of stress & legal struggle for 20,000 homebuyers

NOIDA: Homebuyers on Tuesday said the National Company Law Tribunal's order on Jaypee Infratech Ltd (JIL) put an end to their six-year-long struggle in courts and hoped that the successful bidder, the Suraksha group, will deliver the flats as per the schedule proposed in the resolution plan.

For nearly a decade, investments of more than 20,000 homebuyers are stuck in various projects of JIL. On Tuesday, the National Company Law Tribunal (NCLT) approved Suraksha group's bid to buy Jaypee Infratech Ltd, which will pave the way for the completion of the various stalled projects spread across Noida and Greater Noida.
"We feel relieved. Finally, a six-year-long struggle in courts has come to an end," said Capt Mrinal Chakraborty, who booked a flat in Noida's Garden Isles project in 2011. "The NCLT order has soothed our anxiety. After a decade of waiting, it comes as a hope that we will get our homes. We have been a victim for too long. Now want to become a homeowner."
Chakraborty said homebuyers were now looking at Suraksha to start construction in all pending Jaypee projects immediately. "This has been their promise all along. Now that Suraksha is in the driver's seat, the company should start the takeover process and ramp up construction activity across all projects of JIL," he added.
For Sanjeev Sahani, a member of the core team which fought court cases, it is the beginning of another round of wait, hopefully, a shorter one. "I booked a flat at Wish Town's Kube project in 2010 and was supposed to get its possession in 2013. Even after 10 years, only 20 floors out of 33 have been constructed. Suraksha has sought two-and-a-half years to complete this project. So, once again I will have to wait for another three years to get my flat. However, there is some satisfaction among homebuyers that they will get their homes sooner or later. Our efforts will now be to ensure Suraksha completes the projects at the earliest."
Talking about the challenges faced by homebuyers in the intervening years, Sahani said their main hurdle was to gather all homebuyers on one platform. "We managed to gather 4,500 homebuyers in 2017 to fight the case in NCLT. However, over the years a large number of homebuyers got fed up as the case dragged on. Towards the end, around 2,000 to 2,500 homebuyers were only left as people could not afford to contribute further. Many homebuyers' associations also became defunct," he said.
The agitators were planning to take out a car rally and stage protests if the NCLT order had been delayed any further. "We would do whatever was possible to make ourselves heard," Sahani said.
Shashi Garg, president of the Klassic Homebuyers' Association, said they could not have expected a better gift ahead of Holi. "I booked a flat in 2009 but its construction is far from over. I am paying Rs 70,000 in EMI and another Rs 60,000 in rent. Imagine my plight. I retired last year. Many of my colleagues and friends have died over the years due to the immense financial and mental stress," he said.
Shashank Gaur, who booked a flat in Kensington Park Apartments in 2010, cheered the takeover as it meant that his flat will be handed over in three months.
"The project is ready and the occupancy certificate has been applied for. Things should move at a faster pace now. Most of us have paid 90-95% of the total amount, but are still without the flat. I am happy with the NCLT's order."