NEW DELHI: Shankar Mathur (name changed) booked an apartment in a property being developed by Jaypee Infratech six years ago. Like thousands of homebuyers, he is worried since the National Company Law Tribunal initiated insolvency proceedings against the company . Recently , he received a call from a prominent real estate consultant. He was offered a deal whereby his booking would be “adjusted” with another property in Noida.
He has received calls from other brokers too, one of whom suggested that he shift his booking to a Jaypee Associates property in Greater Noida. Several other Jaypee flat owners have received similar offers. Someone who has booked a flat of Rs 1 crore is being advised to buy an apartment of Rs 2.5-3 crore in an upcoming project, with the amount paid to Jaypee Infratech to be adjusted in the new property .
Legal experts, however, warned that it is not possible for flat buyers in Jaypee Infratech’s projects to withdraw money . “It is not clear how the money will be withdrawn.The contracts don’t allow for a withdrawal but only permit a discount for delayed delivery of flats,” said a lawyer. Lawyers have cautioned that withdrawal of money from Jaypee projects would amount to asset stripping, something that the insolvency resolution professional is unwilling to allow to ensure that the company is able to build flats in the future and hand them over to the buyers. In fact, it had categorically stated as much on Friday , in a set of FAQs released to the public. Not all of the projects that e being offered on transfer to are being offered on transfer to Jaypee homebuyers are residential. Some commercial properties are also on offer. The properties on offer are in Noida as well as in Greater Noida, along the Taj Expressway connecting Agra.
When contacted over phone, the leading property consultant said it had facilitated transfers to several properties over the last couple of years, which were essentially in pro jects developed by developers who had bought land from Jaypee. Asked how it would be done, the consultant said his company would talk to the insolvency professional appointed by the National Company Law Tribunal and then disconnected the phone.