Noida asks Jaypee to open escrow accounts for Wish Town

Nearly 400 homebuyers of Jaypee group's Wish Town project located in Noida met Arunvir Singh, CEO of YEIDA, on Friday seeking a resolution of their problems. Singh assured them that he would ask the developer to open an escrow account, deposits from which will be used for completion of the long-delayed project.

Singh told TOI that he has written a letter to Manoj Gaur, executive chairman of Jaiprakash Associates Ltd, on Friday that an escrow account be opened with immediate effect. "This account will be monitored and kept under the supervision of Gautam Budh Nagar district magistrate, senior superintendent of police, a Jaypee official and a YEIDA official," he said.

"All money received by the developer will be put into this account and used for the completion of the project," he said. Jaypee officials had earlier this week claimed the developer would restart construction at its mammoth project by next week as it has received Rs 1,800 crore in working capital from banks. Work on the project with some 32,000 flats and 3,000 plots across 800 acres along the Noida-Greater Noida Expressway had come to a standstill with Jaypee having handed over only 5,500 flats.

On April 17, Jaypee officials had informed agitating homebuyers that construction on 50 towers would begin by April 24, and on another 70 by April 29. There are 305 towers in Wish Town, 250 of which are incomplete. Jaypee said it would release the construction schedule of all the towers by April 29. About 27,000 buyers are agitating against the developer for the delay in giving possession of their promised flats.