NBCC explains plan for crisis-hit Jaypee Infratech's homebuyers

From monetising assets in stalled projects to giving keys of flats to around 32,000 homebuyers in three years, state-run infrastructure firm NBCC has a plan for crisis-hit realty developer Jaypee Infratech. 

Meeting close to 350 homebuyers, representing nine separate associations of affected buyers, NBCC said on Monday it would soon share a tower-wise completion plan and ensure the cost of construction, including amenities, is done in the promised price.

The company also plans to infuse Rs 500 crore into Jaypee Infratech. It believes this amount would come from selling the company's assets, including 2,000 acres of land bank and 6,000 unsold flats. 

Anoop Kumar Mittal, the NBCC chairman, told homebuyers it would try to give the apartments within three years. NBCC will also give 25 per cent of the contracted delay compensation. 

“NBCC has allayed a lot of our fears. We are confident that the banks, NCLT (the insolvency tribunal) and all other government agencies will work together to facilitate a successful resolution,” said Aaditya Gutgutia, a homebuyer. 

It was in October last year that Anuj Jain, insolvency resolution professional for this case, began the initiative to revive Jaypee Infratech. On the NCLT's direction, after lenders rejected the Rs 7,000-plus crore bid of Suraksha Group. 

At the recent meeting of the committee of creditors, homebuyers through their authorised representative had again demanded a forensic audit of Jaypee Infratech's financials.

Amrapali case

Jaypee's isn't the only such case. As many as 72,000 buyers in the National Capital Region are waiting to get apartments they booked and paid for. Last month, the Supreme Court (SC) allowed the Delhi police to arrest Anil Sharma, chairman of the Amrapali group, and two directors of his company, Shiv Priya and Ajay Kumar. The city police's economic offences wing had registered a case against the three on charges of diverting homebuyers' money and not delivering projects.

This January, the SC gave NBCC a go-ahead to start work on completion of two Amrapali projects, Eden Park and Castle. The total cost would be around Rs 5 crore, NBCC told the court.

At the latest hearing, the SC asked NBCC for a detailed project report of Amarapali's Category B and C projects.