Amrapali looks to complete course, brake time at Jaypee

A year of some brisk move for one, staggered progress for the other. The year panned out differently for two sets of homebuyers who had both pinned their hopes on the National Company Law Tribunal (NCLT) for a resolution of their pending flats.

Amrapali, with more than 30,000 flats to deliver in its housing projects, appeared to have found a resolution with the intervention of the Supreme Court and the appointment of court receiver R Venkatramani. Following the court’s order, construction at its pending projects took off, though lack of liquidity led to some interim delays.

Funds were infused to grease the wheel and buyers, too, started paying up their pending instalments.

Delivery of flats started soon after and the National Buildings Construction Corporation Ltd (NBCC), which has been entrusted with the responsibility of completing Amrapali projects, claims it is now working to a timeline. This year, 600 flats were completed but a mammoth task lies ahead in 2022.

On the other hand, the progress of Jaypee Wish Town has hit multiple roadblocks. This is despite the fact that Wish Town has to deliver around 17,700 flats, almost half that of Amrapali’s.

After winning the bids at NCLT against Suraksha and the trust of Jaypee homebuyers, NBCC had the task of constructing the remaining flats. The PSU, however, went to the National Company Law Appellate Tribunal (NCLAT) to challenge some of the financial liabilities that were imposed on it.
Amrapali looks to complete course, brake time at JaypeeThe hearings at NCLAT, which formed a monitoring committee to manage day-t-day affairs of Jaypee Ufratech Ltd, continued till a group of buyers moved the Supreme Court against the delay by NBCC to start construction. A decision on the future course of action is pending. While Amrapali buyers are hopeful of getting their flats by 2023, the completion timelines for Jaypee will only be decided once there is clarity on the legal tangles.

The delays have once again caused some restlessness among Jaypee buyers. A group recently staged a protest at the Wish Town site in Sector 128. Apart from a delay in initiating the completion work, both Wish Town residents and buyers waiting for their flats have also expressed concern over the condition of the concrete structures, which have been lying exposed to the vagaries of weather for years.

Experts say 2021 is likely to be a decisive year for Wish Town buyers, much like 2020 was for Amrapali.