Amid growing sense of anxiety and confusion among the homebuyers of debt-ridden Jaypee group over insolvency proceedings, the Yamuna Expressway Industrial Development Authority (YEIDA) has assured homebuyers of six scrapped projects of Jaypee group in its area that their money will be refunded ‘at any cost.'
YEIDA CEO Arunvir Singh told a group of 200 Jaypee homebuyers that the Authority will cancel the Jaypee group’s lease, liquidate assets, recover the money and pay it back to them if the realtor fails to pay the first instalment of the refund by October this year. The homebuyers had staged a day-long protest outside his office.
Singh assured the homebuyers that the YEIDA will wait till October 31, when the first instalment of refund was promised. Otherwise it will liquidate the assets as the land of the realtor is on lease and ownership is YEIDA’s.
A total of 3,367 buyers have invested in six projects of Jaypee group in YEIDA area — Budh Circuit-01, Budh Circuit-02, Nature View, Boulevard, Aman-III and Udaan.
The decision to refund the buyers’ money was taken by YEIDA as no construction had taken place in most of the projects located in its area and the developer had also failed to refund money to homebuyers for more than a year. And it was also conveyed to Jaypee by YEIDA about three months ago.
As per an agreement with the builder, the first instalment of the refund is to be given to homebuyers in October 2017, second in February 2018, third in May 2018 and the final in July 2018. However, the homebuyers made it clear they did not trust the builder any more.
