Adani Group to complete 25,000 delayed projects of Jaypee

Adani Group to complete 25,000 delayed projects of Jaypee

Before the bid gets finalized, the Adani Group has proposed to complete the 25,000 unfinished and delayed homes to the homebuyers of Jaypee Infratech Ltd (JIL). A source with direct knowledge of the matter informed, “Recently, in a private meeting, the Adani Group representatives gave a presentation on how they are planning to complete the project and take things forward.”

The Adani Group assured to complete the homes with a ready structure in 2years. While projects that are just on papers, will take at least 3-4 years for completion. The Gurjarat-based group, run by brothers Rajesh Adani and Gautam Adani, also stated that they would shift the work men from their home state for a speedy completion of the project.

Homebuyers have been demanding for a compensation of more than 10 per cent because of the delayed handover. The officials have clearly stated that the buyers will get timely possession of their homes, but the group is not liable to pay any sort of penaltyfor the delay.

“The JIL homebuyers have suffered average delays of 3-4 years in the hands of JIL, and completion of their projects may take another 2-3 years. Given this, it is critical that the JIL home buyers be paid reasonable compensation for the delay,” homebuyers had said in a letter to the government.

“Our clients strongly believe that any compensation lower than 10 per cent per annum would not be a reasonable compensation for delay, and would defeat the purpose of enactment of the RERA and the IBC,” the letter stated.

The buyers have also demanded the possession of their flats by December 2018, and have also insisted the India's Real Estate Property (IRP) to certify that the super area of the allotted flats should remain the same. Moreover, they have asked the group to refund car parking charges and service tax, which was previously collected by JIL.

On September 11, the Supreme Court reinstated the liquidation resolution proceedings against JIL, and directed IRP to coup the “records and management” of the company. In October 2017, the IRP had invited bids from the leading Indian companies, including real estate developers, with a net worth of Rs 1,000 crore, to complete the deferred projects of Jaypee Infratech.

Industry players like JSW Group, Lodha Group, Vedanta and Deutsche Bank are among the 18 companies that are keen on acquiring Jaypee Infratech. According to the reports, Kotak Realty Fund, Cube Highways and Adani Group have been the front-runners. The bids will be finalised by April 2018.

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