Jaypee CEO Gaur promises delivery of Wish Town flats in next three yrs

Manoj Gaur, Executive Chairman and CEO of Jaypee Group, has assured agitated homebuyers the delivery of all housing units in his Wish Town project in the next three years.

The announcement came on April 18 after 224 homebuyers filed a case of cheating at the Expressway police station in Noida Sector 135 on Sunday against the realty major over late delivery of flats.

According to reports appearing in newspapers, Gaur said the integrated housing project was delayed due to many reasons like fund crunch, environmental clearance and a ban on ground water extraction for construction by the National Green Tribunal (NGT).

“We have already given possession of 6,500 flats. We assured them that we will hand over 6,000 more flats between August 2017 and March 201,.and the remaining flats soon after. We plan to give all 32,000 flats in the next three years,” said Gaur.

“We need Rs9,000 crore to restart the work and finish the project. We need to recover Rs7,000 from our investors and buyers. We will raise Rs2,000 crore funds from various banks. Banks have agreed to lend us Rs1,700 crore and the remaining Rs300 crore will soon be arranged to restart the work. We will restore the buyers’ trust and deliver as promised,” said Gaur.

The developer said it had earned Rs14,000 crore by selling housing units in this project and invested the money in construction.

Jaypee Infratech had in 2007 proposed to build 32,000 flats and some plots under the integrated Wish Town project located in Sectors 128, 129,131, 133 and 134 along the Noida-Greater Noida Expressway.

The company had promised buyers of delivery of flats from 2011-12.