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About 3,200 buyers of Jaypee Kove, Kaffia, and Buddh Circuit Residency seek refund, Real Estate News, ET RealEstate

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About 3,200 buyers of Jaypee Kove, Kaffia, and Buddh Circuit Residency seek refundNOIDA: Homebuyers of Jaypee’s three residential projects in the Yamuna expressway region have moved the UP Real Estate Regulatory Authority (UP-Rera) seeking refunds on their investments in flats that have not been constructed yet.

The Yamuna Expressway Authority has, meanwhile, expressed its willingness to complete the projects if the Allahabad HC vacates a stay on land lease cancellation over non-payment of dues by the builder.

Around 3,200 buyers had invested in Kove, Kaffia, and Buddh Circuit Residency projects floated by Jaypee Sports International Limited (JSIL), a subsidiary of the Jaypee Group, between 2012 and 2014.

The residential projects in Sector 25 of the Yamuna Expressway region were supposed to be completed by 2017. However, no construction activity has taken place at the project sites till date.

Moreover, YEIDA cancelled the 1,000-hectare land allotment of Jaypee in 2019 due to non-payment of dues even after 10 years. Though the Allahabad HC later stayed the Authority’s order, it had also directed the builder to pay the dues to the tune of Rs 287 crore in installments to YEIDA by March 2020.

But according to YEIDA, the builder has so far only paid up only Rs 55 crore. “We are now stuck, we don’t know what would be the outcome. So, I have made an appeal to UP-Rera seeking a refund, many other buyers are doing the same,” Sanjeev Agarwal, one of the investors, said. Commenting on the issue, Arun Vir Singh, CEO of YEIDA, said, “We had given the builder a lot of relaxation on payment, but it has repeatedly failed to clear the dues, so we had cancelled the lease. We will complete all the houses that the builder had committed to the buyers.”

Balvinder Kumar, member of UP-Rera, said, “We have been getting applications over the last few days from buyers who have invested in these projects, we will start hearing them soon.” The developer could not be contacted.





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