Will refund 3,300 Jaypee buyers at any cost: Yamuna development authority

GREATER NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) on Wednesday assured homebuyers of six scrapped projects of Jaypee group in its area that their money will be refunded 'at any cost', amid growing sense of anxiety and confusion among them over insolvency proceedings against the debt-ridden realtor.

YEIDA CEO Arunvir Singh told a group of 200 Jaypee homebuyers — which staged a day-long protest outside his office — that the Authority will cancel the Jaypee group's lease, liquidate assets, recover the money and pay it back to them if the realtor fails to pay the first instalment of the refund by October this year.

"We will protect the interests of the homebuyers at any cost. Since the land of the realtor is on lease and ownership is YEIDA's, we will not shy away from liquidating the assets and recovering the money and giving it back to the homebuyers," Singh later told TOI.

"We will wait till October 31, when the first instalment of refund was promised to the homebuyers by Jaypee. I will also write a letter to the CMD of the Jaypee group, asking for a clarification in the matter," he added.

A total of 3,367 buyers have invested in six projects of Jaypee group in YEIDA area — Budh Circuit-01, Budh Circuit-02, Nature View, Boulevard, Aman-III and Udaan.

In fact, according to officials, the decision to refund the buyers' money was taken by YEIDA as no construction had taken place in most of the projects located in its area and the developer had also failed to refund money to homebuyers for more than a year. And it was also conveyed to Jaypee by YEIDA about three months ago.

As per an agreement with the builder, the first instalment of the refund is to be given to homebuyers in October 2017, second in February 2018, third in May 2018 and the final in July 2018, officials said.

Homebuyers, however, made it clear they did not trust the builder any more.

"These projects were launched sometime in early 2013 and we were to get possession in 2016," said Shalabh Sareen, a homebuyer in Budh Circuit-02 project.

"We were also told by the builder that if the possession was delayed, we would get a refund of our money within 30 days along with a 12% interest. However, despite several promises we have neither got our homes nor our money," he added.
"Now we do not trust the builder or his commitments. We just want our money back," said Chandra Mohan Seth, another homebuyer.

Despite repeated attempts, Jaypee group officials could not be reached.