3300 lucky Jaypee flat buyers will get back their money

Greater Noida, August 31: Keeping the hopes of many homebuyers alive, 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 uncertaintly prevailing 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. Image result for JAYPEE GROUP GREATER NOIDA "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. According to a report in "The Times of India", 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.