Jaypee Infratech undergoing insolvency but 'in good health': Manoj Gaur at AGM

Jaypee Infratech undergoing insolvency but 'in good health': Manoj Gaur at AGM

NOIDA: Embattled Jaypee Group chairman Manoj Gaur on Thursday said realty arm Jaypee Infratech is undergoing insolvency but "is in good health" and has posted a growth in revenue in 2018-19. Company officials said the company has more assets than liabilities and hoped it will get the project to deliver nearly 20,000 flats, which have got delayed by several years leaving thousands of homebuyers in lurch.

Jaypee Infratech went into insolvency in August 2017 after the National Company Law Tribunal (NCLT) admitted an application filed by an IDBI Bank-led consortium.

The group had to deliver 32,691 units to buyers under various housing projects in Noida, of which 4,889 units were completed before the start of insolvency proceedings. As many as 27,802 units remained incomplete by August 2017.

During the bankruptcy process, 7,278 units were completed, leaving 20,524 units to be delivered as on March 31, 2019 and latest 20,097 flats including 17,756 in Jaypee Wishtown remain to be delivered.

State-owned NBCC had made a proposal to take over the mammoth project instead of the bankrupt Jaypee group but the matter could not be resolved in the NCLT and the National Company Law Appellate Tribunal (NCLAT) and has now reached the Supreme Court, which is due to hear the case on October 17.

"During the year 2017-18, the gross revenue was Rs 62 crore which grew to Rs 1,292.99 crore in 2018-19...," Gaur, executive chairman and CEO of the group, said.

"The toll revenue has grown from Rs 626 crore to Rs 640 crore. During the last 24 months, 5,925 flats have been handed over. Jaypee Greens home buyers' interest and faith are visible from the fact that around 4,000 homebuyers have got their registries done, and nearly 3,000 have shifted here (Noida)," he told the Annual General Meeting, held at the Jaypee Institute of Information Technology in Sector 128 Noida.

"The company is doing better. The performance is such that the total cash inflow is over Rs 1,000 crore... While we are branded under the IBC, the health of the company is good. Even today, as per the group's proposal, within three years all houses will be handed over," Gaur said.

Company's Chief Financial Officer Pramod Agarwal said 20,097 flats are yet to be delivered which it can do within 36 months if given a chance by the Supreme Court, where the matter is being heard.

"We have total liabilities of Rs 9,783 crore while our assets, including the Yamuna Expressway and tranches of land along it, are well more than that. Assets estimated value would be more than Rs 13,000 crore," Agarwal told .

TOI economic india dated 28 / 09 / 2019

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Jaypee Greens Ready To Move In Projects

Jaypee Greens Ready To Move In Projects:

At present time Jaypee Greens's all under - construction  projects are facing insolvency proceedings problems but some of them are not in any kind  of trouble those are free from the any kind of legal issues are following:

Jaypee Kosmos:- One affordable projects namely Jaypee Greens Kosmos located in sector 134 Noida. Here thousands of apartments are ready to move in and most of them are fully occupied. people are living there gated community so if you  are looking for affordable and good apartment, Jaypee Kosmos would be the right choice for you.  

Jaypee Klassic:-

Jaypee Greens Klassic second project of Jaypee Greens Wish Town where you can purchase the affordable and the best apartments here apartments are spacious and best designed. Jaypee Klassic is also located in sector 134 Noida which a part of Jaypee Wish Town.

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Jaypee Greens Wish Town Ready To Move in Project

Jaypee Greens Wish Town Ready To Move in Project:-

Jaypee Greens believe that good living is a state of mind as a tangible reality. These Apartments give you a choice to select your dream space that suites your budget, locality and layout. Jaypee Greens kosmos resell and rent deals are available in every tower and block.

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Govt slaps Rs 14 crore penalty on Jaiprakash Associates for unfair business in Wish Town, Jaypee Greens

JAL has been found guilty for imposing unfair and discriminatory conditions on the allottees in Wish Town, Jaypee Greens project in Noida and Greater Noida, the Ministry of Corporate Affairs said in a statement.

The Competition Commission of India (CCI) has slapped a penalty of Rs 13.82 crore on  Jaiprakash Associates Limited (JAL) for abuse of dominant position in the market of independent residential units such as villas and estate homes in their integrated township. JAL has been found guilty for imposing unfair and discriminatory conditions on the allottees in Wish Town, Jaypee Greens project in Noida and Greater Noida, the Ministry of Corporate Affairs said in a statement. The final order was passed on the basis of information filed by a buyer who alleged that conditions imposed by JAL were arbitrary and self-favoured. Besides, a cease and desist order has also been issued to JAL.

The investigation found out that JAL was imposing its standard terms and conditions in a way that unilaterally favoured itself and were one-sided, the statement said. CCI also found out that the terms were vague and the buyers’ rights were completely neglected. Conducts such as collecting money or charges from the home buyers without delivering the residential unit of time, adding additional construction, amending or altering the layout plans, the imposition of various charges, right to raise finance from any bank or financial institution without consulting buyers were found to be abusive in the investigation.

In light of the findings, the Competition Commission of India concluded that JAL has violated Section 4 of the Competition Act, 2002 and the penalty is imposed, which is 5 per cent of the average revenue of JAL from the sale of independent residential units in the relevant market.

“This is not a problem of one or two societies of NCR. Almost all the real estate groups have put their terms and conditions to unilaterally favour themselves. The government should look into these problems before a flat buyer goes to the court to file a complaint,” Shweta Bharti, General Secretary, Noida Extension Flat Owners Welfare Association (NEFOWA), told Financial Express Online. There is no reason why somebody would want to invest in real estate and keep running to the court, she added.

 

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Repo rate lowest since 2010 after RBI’s third cut this year

Repo rate lowest since 2010 after RBI’s third cut this year:


Emboldened by benign inflation and availability of buffer foodgrain stock, RBI monetary policy committee (MPC) voted unanimously to bring down the repo rate from 6% to 5.75% — the lowest since September 2010. Repo rate is the price commercial banks pay to the RBI for short-term funds. RBI also hinted at more cuts by changing its policy stance from

Emboldened by benign inflation and availability of buffer foodgrain stock, RBI monetary policy committee (MPC) voted unanimously to bring down the repo rate from 6% to 5.75% the lowest since September 2010. Repo rate is the price commercial banks pay to the RBI for short-term funds. RBI also hinted at more cuts by changing its policy stance from

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UP to begin bid process for Jewar airport today:

Source : HT First Published: May 29, 2019 07:34 IST

The Uttar Pradesh government will on May 30, start the process to hire a developer for the airport at Jewar in Greater Noida, which is expected to become the national Capital Region’s second airport and take the load off Delhi’s Indira Gandhi International Airport once completed, two state ministers said on Tuesday.

The second airport in the National Capital Region, along the 165-km Yamuna Expressway, is expected to be operational by 2022-23.

Addressing mediapersons, ministers Siddharth Nath Singh and Shrikant Sharma said on Tuesday that the UP cabinet has approved the timeline for the implementation of the project, the request for quotation (RFQ) and the request for proposal (RFP) documents, and the draft concession agreement.

“We will float a global tender on May 30 as per the directions mentioned in the cabinet order... It will take six months’ time to finalise a suitable developer... After six months, the work on this project will start on the ground,” said Arun Vir Singh, chief executive officer of the Noida International Airport Limited (NIAL), an agency formed by the Uttar Pradesh government to monitor and develop the airport at Jewar.

Singh said the state government hoped that selection of the developer would be made by January 2020.

He said considerable progress has been made on the project after getting an in-principle approval from the union government on May 9, 2018.

He said the project monitoring and implementation committee (PMIC), headed by chief secretary Anoop Chandra Pandey, decided the timelines on May 21 and that these were approved by the cabinet on Tuesday.

A senior state government official said the project would be implemented in four phases.

The airport will be developed on a public-private partnership (PPP) model. NIAL has been authorised to select the developer for the airport and give the land on lease for 90 years.

Just before the announcement of Lok Sabha poll schedule, Prime Minister Narendra Modi announced that the Jewar airport would be completed in time and all formalities and processes for the same were underway.

The state cabinet on Tuesday also approved Rs 894.53 crore for rehabilitation and resettlement of families to be affected or displaced by the project.

Residential projects such as Jaypee Greens etc will get connected.

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UP Approves Rs 894 Crore For Resettlement Of Displaced For Jewar Airport.

Noida: The Uttar Pradesh cabinet on Tuesday approved a proposed bid document for Jewar Airport near Noida and sanctioned Rs 894 crore for the resettlement and rehabilitation of displaced families, an official statement said.

The land acquisition process for the Greenfield International Airport in Gautam Buddh Nagar, the second in Delhi-NCR and billed to be the biggest in the country, picked up pace in the last quarter of 2018, but the work halted in April due to restrictions clamped for the Lok Sabha elections.

"The council of ministers has approved a proposal related to the establishment of the Noida International Greenfield Airport in Jewar in Gautam Buddh Nagar. The cabinet has approved the bid document and the draft concession agreement which were presented to it by the Project Monitoring and Implementation Committee (PMIC)," a statement released by the state government''s Department of Information said.

The cabinet also agreed to the global tender process for the Noida International Airport Limited as per the timeline proposed by PMIC after its May 21 meeting, it added.

"The cabinet gave its administrative and financial approval to provide Rs 894 crore for resettlement and rehabilitation of families which will be displaced after the commencement of the project. It also gave its administrative and financial approval to an already-sanctioned Rs 275 crore fund for the project," it said.

Chief Minister Yogi Adityanath has been authorised by the cabinet of ministers to take decisions related to the project at certain time intervals as per requirement, the statement said.

According to the project officials, the airport will be established over an area of 5,000 hectares and cost an estimated Rs 15,000 crore to Rs 20,000 crore. During the first phase of airport development, which is underway, 1,239 hectare land, has to be acquired from six villages -- Rohi, Dayanatpur, Parohi, Kishorpur, Ranhera and Banwariwas-- and result in displacement of at least 3,600 families.

"The Gautam Buddh Nagar administration has already disbursed compensation money to the tune of Rs 250 crore for acquiring 100 hectare land from Kishorpur, Dayanatpur and Rohi villages," Sub-Divisional Magistrate, Jewar, Abhay Singh told news agency Press Trust of India.

Apart from the monetary compensation for the acquired land from the six villages, the administration will also dole out an option for either job for a family member or money as additional help, he said.

"Also, the authorities have to purchase 50 hectare land elsewhere for resettlement of families displaced due to the project. That land is estimated to cost around Rs 94 crore," Mr Singh said.

The UP government had in November 2018 approved funds of Rs 1,260 crore for acquisition of land for the airport. It had earlier appointed Yamuna Expressway Industrial Development Authority (YEIDA) as the implementing agency for the mega project.

Some landowners, including farmers, initially resisted the land acquisition citing various reasons such as "inadequate" compensation amount and related benefits besides the resettlement policy.

Over a hundred farmers, most of them from Kishorpur, moved the Allahabad High Court in February this year, saying they wanted their land acquired for the airport back. The court, however, rejected their petition.

Real Estate Projects such Jaypee Greens will get the direct connectivity to Jewar Airport.

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