NOIDA: Uncertainty looms large over the fate of more than 5,000 homebuyers who have invested money in the real estate projects that were part of Jaypee Sports City, a township along the Yamuna Expressway in Greater Noida.
Even after paying 80% of the total unit cost and waiting for a decade, these buyers have no clarity when they will get possession of the properties.
Jaypee Sports City Homebuyers Welfare Society, the association of the homebuyers stuck in the projects, on Saturday forwarded their representation to Yamuna Expressway Industrial Development Authority and urged officials to consider their interests during the next board meeting.
The subsidiary of Jaiprakash Associates floated 15 different projects under its master plan.
Among them seven projects are in various stages of construction and 5,235 individuals have bought properties in the seven projects.
Three of them were group housing projects — Kassia, Kove, Buddh Circuit Studios — while the other four offered developed plots and villas — Country Homes 1, Country Homes 2, GreenCrest Homes and Krowns.
Vice president of the society, Sunil Kumar Sharma said, “If at all the proposal of the Jaypee Associates is approved by the YEIDA’s board, we want officials to ensure that the interests of the homebuyers is fully protected.
The possession schedule of the seven projects needs to be taken into account before any relief is offered to the group.” The group of buyers also pointed out that the Uttar Pradesh government should order an inquiry against former YEIDA officials who were instrumental in offering relaxations to the group till 2017-18.
“Moreover, due to Covid-19 lockdown and limited visits of plot owners to the projects, some local villagers encroached upon the land for carrying out farming,” said Shamendra Singh, a member of the society.
In December 2019, YEIDA cancelled the allotment of the lease deed and took back possession of the 2,500-acre land over non-payment of dues.
YEIDA officials said that the dues amount to about Rs 950 crore at present.
To resolve the crisis, YEIDA will move a representation before senior UP government officials during the next board meeting.
“We want the projects to be ready and hence have taken strong measures.
We will certainly take the plea of buyers into consideration,” said Authority CEO Arun Vir Singh.