Jaypee Wish Town investors today gathered at the Yamuna Expressway IndustrialDevelopment Authority (YEIDA) office here to protest against the builder over delays in the project completion and alleged diversion of funds to other projects. They met YEIDA chief executive Arunvir Singh and submitted a memorandum of demands to him.
The CEO assured them that action will be taken against the builder. Later investors also went to collectorate and gave the memorandum of demands to district magistrate. The property buyers told the CEO that the Jaypee management has claimed that the company has taken a loan of Rs 1,800 crore to complete the project but they fear the builder may invest the loan amount in other projects. The buyers claimed they have paid over 90 per cent of the cost of their flat. They alleged the company has diverted their money to buy more properties rather than completing the project with that funds. For project implementation, the investors demanded to set up a monitoring committee having members of Noida and YEIDA officials and also the district administration. Arunvir Singh said, "In the interest of investors, strict measures are being taken so that the project gets completed and investors get possession of flats." Amid buyers complaints and huge delays in completion of projects, YEIDA is taking various steps to restore the confidence of customers. YEIDA, very recently, also asked the Jaypee group to pay the total outstanding amount of Rs 600 crore by August against 1,000 hectare land parcel allotted to the company. The authority recently cancelled the building plans of 17 projects of six builders, including Jaypee group. According to sources in the authority, the building plans have been cancelled as they did not address objections raised by the authority.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)