After a wait of over two years, construction work has resumed in Jaypee's Wish Town housing project in Sector – 128, Noida. The project was launched in 2007 and only 5,500 flats of the total 32,000 have been delivered so far.
For the thousands of home buyers it's been an unending wait filled with uncertainty. But now the sight of workers on the site has come as a huge relief.
"It feels very good to see labourers at the site. There are about 200 workers working and the pace is picking up to," a relieved and happy Vivek Jain, a 42 year old senior official at technology firm Cognizant said. Vivek had booked a flat in Wish Town's Kalypso tower in 2008 with a promise of delivery by 2011. He has been waiting for the past six years but his tower is far from ready.
Sunil Kalra, a 50 year old entrepreneur, echoed Vivek's feelings.
"I am glad to see the workers at sight working. I booked my flat in Kingston Boulevard in 2010. Jaypee was to give delivery by 2013. We are in 2017, just the outer structure is ready. I hope they will finish work this time and we will get our homes," Kalra said.
Jaypee Group was forced to begin work following intense pressure from home buyers. First the home buyers held massive protests. But when they realised that the protests were not yielding the desired result, around 300 buyers stormed the Noida police station recently, and filed an FIR against the top brass of Jaypee invoking charges of cheating, financial fraud and criminal conspiracy.
Feeling the heat and the growing discontent among the buyers, Manoj Gaur, Executive Chairman and CEO, Jaypee Group promptly assured the buyers that he will complete the project in the next three years and hand it over to the buyers.
The company moved fast and released a new delivery schedule. As per the new phase wise completion schedule, 6,572 units in 70 towers would be completed by October to December 2018 under Phase-II. Under Phase-III, 95 towers with 8,953 units would be completed between September 2018- September 2019. Under Phase-IV, the last phase, 8239 units in 67 towers will be competed between June 2020 to March 2021. Wish Town has a total of 291 towers out of which 59 Towers have been handed over under Phase-I.
As per the funding goes, according to estimates shared by Gaur at a tripartite meeting of buyers and the Noida Authority, Jaypee would require around Rs 9,000 crore to restart the work and finish the project. The Group plans to raise Rs 1,946 crore by selling its Bhillai Jaypee Cement and Nigrie Cement Grinding Unit, both Jaypee group firms to Orient Cement.
While the home buyers feel that there is some light appearing at the end of the tunnel for them, Jaypee Group continues to reel under financial stress. The Yamuna Expressway Industrial Development Authority (YEIDA) has been tightening its noose around Jaypee. In a recent statement, the Authority has warned that it will take over the Formula 1 and other sports facilities built in Sector 25 along Yamuna Expressway, if Jaypee Group fails to pay Rs 680 crore in land dues for the 1,000 hectares where the Buddha Circuit has been built by Jaypee. The developer has been given time till August 31, 2017 to clear the dues.