20,000 buyers to soon get home ownership in JP Infra’s stalled project
Work has been started on at least 59 incomplete towers in the ‘Ghost Town’.
JP Infratech Limited (JIL), Noida, has started work on its project, which could soon provide relief to nearly 20,000 home buyers. Their dream of having a home, being incomplete for 13 years, could be finally achieved. In fact, JP Infra has started work on at least 59 incomplete towers in the east side ‘Ghost Town’, and the flats will soon be handed over.
In March this year, the National Company Law Tribunal (NCLT) approved the bid of Mumbai’s Suraksha Group to buy JP Infratech Limited and complete various stalled projects in Noida and Greater Noida. This group is investing Rs 250 crore in the debt-ridden JP Group’s company and is also providing a loan of Rs 3,000 crore rupees to complete the construction of flats over the next four years.
After the NCLT decision, the Suraksha Group is not legally required to pay any money to YEIDA. However, the group is ready to pay compensation of approximately Rs 1,689 crore to the farmers. In addition, it will have to hand over the stalled flats as soon as possible.
YEIDA wants to recover Rs 1,689 crore as compensation from JP Infratech or from the takeover company Suraksha Group. It also wants Rs 6,111 crore as additional land compensation. Citing the protection of farmers’ interests, YEIDA had also challenged the NCLT order, which had directed both stakeholders to resolve the issue.