Bail us out: Jaypee buyers at Jantar Mantar seek government help

NEW DELHI: Distressed homebuyers of debt-ridden Jaypee Infratech on Sunday gathered at Jantar Mantar demanding government intervention to expedite the process of building their flats and subsequent delivery.
Around 22,000 homebuyers haven’t been given delivery of their flats due to a significant delay by Jaypee Infratech, which is undergoing insolvency proceedings. Most of the homebuyers are paying rent as well as EMIs for the past 8-10 years.They took to the streets to make their “voices heard and get justice”.
The protest by 200-odd people, who represent nine active homebuyers’ associations, started around 10am and the stir continued till afternoon. They now plan to meet Union housing and urban affairs minister Hardeep Singh Puri and Union finance minister Nirmala Sitharaman for speedy resolution of the issue.
For 45-year-old Priti Zararia, a successful resolution of the issue will bring much-needed relief to thousands who have invested their hard-earned money to own a flat.
“I had booked a flat in 2010 at Kensington Boulevard in Jaypee Wish Town. I have already paid Rs 70 lakh. I am a single woman paying rent as well as EMI for nearly 10 years. NBCC can complete it as it is the only proposal which looks decent. Banks are not ready to take a haircut. IDBI seems to be stalling the resolution process,” said Zararia, a Vasant Kunj resident who works as a business head for a chocolate company.
Ambrish Kumar (63) said he has been paying Rs 42,000 as monthly instalments and Rs 15,000 as rent. “We have no idea when we will get possession. It is tiring,” the Noida resident said.
Another homebuyer, PV Rathi (61) said they were supposed to get possession in 2013. “I am a retired person and have already paid 50% of the cost of the flat with my hard-earned money. The government should take concrete action. We want our homes as soon as possible,” he added.
Prashant Kaushik, a banker, had come with his father to Jantar Mantar. “We live in a government accommodation at Lodhi Road. My father will retire in two years. We keep paying the installments, but where is our house? There is total uncertainty. What will I get if the owner of Jaypee group is jailed? I would prefer my house instead,” the 35-year-old said.
The fight for compensation or getting flats started two years ago when the buyers took legal recourse against Jaypee Infratech, a subsidiary of Jaypee group’s flagship firm Jaiprakash Associates Ltd. After an initial run at Supreme Court, the course of the buyers’ movement changed with IDBI bank slapping an insolvency bid against Jaypee for non-payment of Rs 526 crore.
Once insolvency was raised against Jaypee, Supreme Court hearings had to stop. National Company Law Tribunal has run two full circles with its resolution process, which took 18 months. After the second round of resolution, two parties were shortlisted for completion of 22,000 unfinished flats – NBCC and Suraksha Group. The buyers did not vote for Suraksha and the banks didn’t support NBCC, leading to another stalemate.
“Even after prolonged resolution proceedings, we don’t know who will complete our flats and by when we are going to get them,” said Ajay Kaul, a buyer from Noida.