Over 4,500 homebuyers in 12 stalled housing projects by Jaiprakash Associates Ltd will be represented in a High Court-mandated committee overseeing project completion. The Yamuna Expressway Industrial Development Authority has taken over all incomplete projects launched by the developer. A homebuyers' representative, Amarpal, has been appointed to the committee with decision-making authority. The appointment also reflects his role in the ongoing National Company Law Tribunal proceedings against Jaiprakash Associates Ltd.
A subcommittee of various homebuyers' associations has been set up to represent collective interests and coordinate with YEIDA. However, officials said Amarpal would be the lone homebuyers' representative and would have an official seat in the decision-making committee alongside the UP government, real estate regulator, and development authority.
Additionally, YEIDA will launch a portal where buyers can register their details, including the project where they have bought a flat, the amount they have already paid for it, and whether they plan on keeping the house or withdrawing. The portal will also share updates on each project to keep buyers informed and involved in the revival process.
OSD Shailendra Bhatia was appointed the nodal officer and the single-point contact for all homebuyers' grievances. According to the CEO Arun Vir Singh, consultancy firm Currie & Brown is to conduct surveys at Jaypee Greens Bougainvilleas, Jaypee Greens Country Homes I & II, Jaypee Greens Greencrest Homes, Jaypee Greens Krowns, Jaypee Greens Kove, Jaypee Greens Buddh Circuit Studios, Jaypee Greens Kassia I, II, III, Jaypee Greens Sportsville and Jaypee Greens Villa Expanza to assess the status of construction at each project and determine the work that remains to be completed.
The consultancy firm will prepare a detailed request for proposal (RFP) within 15 days. The RFP will be reviewed by the High Court-mandated committee and used to select a new developer to complete the stalled construction projects.
Most of the 4,600 buyers affected by the stalled projects had booked their homes in 2011-12 and were promised possession by 2014. Many of them have already paid 95% of the cost of their flats, only to be left waiting for years.
In its ruling on 10 March, a bench of justices Manoj Kumar Gupta and Kshitij Shailendra of the Allahabad High Court upheld YEIDA's decision to cancel the allotment of 1,000 hectares of special development zone land to JAL over non-payment of dues and directed YEIDA to take over all incomplete housing projects on this land parcel and ensure their completion under the terms that JAL and homebuyers agreed on.
The HC announced the period from February 2020, when JAL's allotment was cancelled, to 10 March 2024, when the court's judgment was delivered, is to be treated as a 'zero period' during which homebuyers will not have to pay penalties or interest to the developer for their dues.
Furthermore, HC set strict timelines, asking YEIDA to ensure housing projects that are at least 75% complete are finished within a year, those at 50% are completed in 18 months, and those only 25% done are wrapped up in 30 months. The outer limit to complete all other project-related development work is 36 months. It placed on YEIDA the responsibility to ensure funds are available to complete the projects, regardless of the amount collected from homebuyers and clarified that homebuyers' claims under the Insolvency and Bankruptcy Code (IBC) will remain protected, and their rights in the ongoing NCLT proceedings against JAL will not be affected.
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