Jaypee homebuyers finally get possession letters

NEW DELHI: Nearly 1,150 homebuyers in Jaypee Wish Town and

Kosmos

have received possession letters over the last twoand-a-half months when Jaypee Infratech was admitted for insolvency by the National Company Law Tribunal. Company sources said that during August and September, around 950 possession letters were offered, while another 200 letters have been handed over so far this month. The expectation is that the current pace of construction will be maintained and another 2,300 apartments in Wish Town will be handed over by December 2017.

Although the insolvency resolution professional has been running the operations, most of the apartments were close to completion before IDBI Bank moved the insolvency tribunal following instructions from the Reserve Bank of India. With the current round of possession letters and 1,700 residential plots and town houses handed over around 7,700 residential units have been offered for possession. Jaypee Infratech had committed to build around 32,000 units across its 27 projects. While some of the projects were launched close to a decade ago, based on the current time lines, possession is to be completed by March 2021.

The insolvency resolution professional appointed by NCLT is trying to complete construction and also advance the delivery schedule, for which it has estimated that additional Rs 2,000 crore would be required. While the

IRP

and committee of creditors had planned to rope in investors to raise the funds, Jaypee has told the Supreme Court about plans to raise around Rs 2,500 crore from Yamuna Expressway.

Sources said that Jaypee promoters are in dialogue with Cube Highways, backed by a Singapore fund, and IFC, the World Bank’s private sector investment arm, for a possible securitisation deal.

Cube Highways, which is credited with turning around some of the highway projects in India, had earlier proposed a 20 year securitisation deal, which IDBI Bank had virtually blocked. While Cube Highways executives did not responded to messages, in response to a questionnaire, a Jaypee spokesperson said: “Since the matter is sub-judice in SC, please allow us to refrain from giving any responses at this stage.”

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