Noida: Over 20,000 Jaypee buyers begin voting on NBCC, Suraksha bids

NOIDA: Homebuyers of Jaypee Wish Town have started voting to choose either Mumbai-based Suraksha or public sector company NBCC as the bidder of choice for the completion of nearly 20,000 flats.

“A secure link has been sent to the buyers on June 12 evening. The buyers have the option of saying ‘Yes’ to one candidate. Both NBCC and Suraksha’s proposals have been put up for the consent vote,” a homebuyer told TOI. The buyers have also been given individual login ids and passwords.

The voting process will conclude on June 24. “Buyers are getting a long window to participate in the voting process this time and we hope that most buyers would come forward to cast their vote,” another Wish Town buyer told TOI. While the total number of homebuyers accounted for at NCLT’s Committee of Creditors (CoC) is 20,500, around 12,000 participated in the voting process carried out in 2019.

NBCC and Suraksha have submitted competitive bids to bag the Wish Town project. The fate of the JIL insolvency case is likely to be decided post the voting process. “A long wait is drawing to an end. We are relieved,” a buyer said.

The major differences between the proposals by NBCC and Suraksha is that the latter has promised to infuse Rs 3,000 crore upfront to start construction, while NBCC has offered Rs 2,000 crore. NBCC has promised completion between 15 and 42 months, while Suraksha would take between six and 40 months. NBCC will liquidate 1,903 acres of land to pay off debts of institutional creditors as compared to 2,552 acres of land pledged by Suraksha.