Greater Noida Housing Project Builders Under Authorities’ Scanner

Jaypee Infratech created panic among homebuyers after defaulting on a Rs 526 crore loan recently.

Men cycle past a closed booking centre for under-construction residential apartments at Greater Noida. 

(Photo: Reuters)

Hundreds of home buyers have been left in the lurch after the Allahabad bench of the National Company Law Tribunal (NCLT) earlier this month admitted IDBI's plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526 crore loan.

The company has reportedly handed over only 5,500 flats out of the proposed 32,000, and 3,000 plots across 800 acres along the Noida-Greater Noida Expressway. The project has 305 towers, of which 250 are incomplete.

Also Read: Jaypee Infratech Insolvency FAQs: What Should Homebuyers Do Now?

Greater Noida Authority (GNA) Chief Executive Officer Debasish Panda made another alarming revelation, according to a Hindustan Times report, saying 82 housing projects in Greater Noida are yet to submit their “action plan as of delivery of their respective housing projects”.

Without giving out the names and other details, he said that a deadline has been set for the builders and a meeting will be held with them on 25 August.

Reports have said that Bank of Baroda approached the NCLT with an insolvency plea against three Amrapali group companies – Noida’s Silicon city, Greater Noida’s Ultra Home Construction and Amrapali Infrastructure – has sent buyers in a tizzy.

They have blamed the builders for diverting funds allegedly, but Panda told HT that he cannot say the same unless a probe is carried out. If guilty, he said “law will take its own course”.

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