Jaypees Infratech build confidence
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Jaypee Infratech had started the Jaypee Greens Wish Town, it's other Projects include Aman, Sports city etc, with a big bang in 2008 with its first few launches in 2008. Huge advertising platforms and the fact that both NOIDA Authority and Yamuna Expressway were scripting the development story, as many as thirty five thousand buyers in good faith went ahead with bookings.
Now the two Authorities can help the customers by blocking Jaypees' ruthless defiance of customers by blacklisting it till first it's liability towards buyers is taken care of.
Buyers are in a quandary due to slow legal options. Already the projects are delayed by 5 years in some cases. Its projected schedule, after great deliberation, has again shown no sincere concern to redress the grievances of buyers. It has schedules dated 4-5 years hence for completion. It will pump in negligible amount towards building work, it is just an eyewash, and lull the people and Authorities to quietude.
It is a gross ineptitude and negligence towards the buyers as there's no initiative to resolve grievances of the suffering investors who are suffering miserably due to legal expenses, wasting of time in running for arranging meetings with government officials, protests and FIRs against Jaiprakash Associates.
The builder is smugly going ahead with other business assignments doled out to the Group as largesse. The stakeholders/. Investors/ buyer is on the back-burner.
The buyer is going through gruelling times, with rents, loans and other expenses which give no respite. The government should step up to help the buyers.
Already all projects have been officially shown structurally standing till the slab of the topmost roof laid. Inventory of Jaypee Projects is cent per cent. This shows all the money of buyers is being used by Jaypee elsewhere. There is no reason for Jaypee not to complete the finishing work with electrical layouts and other things which remain. It doesn't take long to complete all projects in one year if the Group is willing to squeeze out the diverted funds back to where it belongs.
Jaypee Infratech is an affiliate of Jaiprakash Associates, it has Large Engineering Institutes, Hospitals, Hotels and other business establishments which are being given more impetus than the buyers whose money is in circulation.
The Government should give strict guidelines to the group to sort out this mess created by Jaiprakash Associates.
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