Imagine paying up to 90% of the total amount of an apartment, only to have no idea when you will actually get it. You may have been promised a deadline, but that’s passed a long time ago. When you approach the builder, all you get are vague assurances. Scary isn’t it? Well, that exactly what thousands of home buyers in the Jaypee Group are facing with projects running way behind schedule.
JAYPEE LEAVES BUYERS FUMING
Heated scenes were witnessed outside the Jaypee Group’s Aman 1 & 2 project recently as over a hundred home buyers including senior citizens and children, gathered under the scorching sun to protest against the company. Carrying placards and shouting slogans, they accused Jaypee of not delivering projects that were to be completed 4 years earlier.
“I booked my flat long ago. I am still living on rent. I have paid my life’s savings on this and still I cannot see when I will get it.” laments 75-year old SK Nagrath, who booked his flat in Aman 1 in 2009.
Many other buyers are facing the same problem, with a majority of them having paid up almost 90% amount of the total cost of the flat. But in spite of that, the project today looks abandoned with buyers claiming that no construction has occurred in the past 2 years. Most have given up hope of the project being completed before 2018.
JAYPEE REFUSES TO GIVE CLEAR DEADLINES
The Jaypee Group is one of the biggest defaulters in Delhi and the National Capital Region (NCR) when it comes to delivery of projects. The company has over 35,000 flat owners in 40 projects across the NCR, running from pillar to post to get delivery of their flats. NDTV got in touch with the Jaypee Group hoping to understand when and how the company intends to deliver on its promises. However, what we got was a standard reply with no clear deadlines.
AUTHORITIES TAKE NOTE, BUT IS IT TOO LATE?
The good news is that local authorities have taken note of the recent protests. Noida Authority Chairman and CEO, Rama Raman has formed a committee which will look into the homebuyers’ complaints. This committee will then submit its reports to Rama Raman after which a joint meeting will be held with buyers and the developer to sort the issue out. However, they will not be able to force the Jaypee Group to do anything if the company claims it has no funds to complete these projects.
That’s not all. The Real Estate (Regulation and Development) Bill, 2016, is now an Act. The stage for setting up regulatory authorities and appellate tribunals has now been set. State governments will now have to frame rules within 6 months and setup the Real Estate Regulatory Authority (RERA) in each of their states. This may finally give hope to thousands of homebuyers plagued by project delays and disputes with builders.
Reporter: Chankya Bhatia, NDTV
Web Editor: Nikhil Narayan Sivadas, NDTV