Story Behind Jaypee’s Failure

Shri. Jaiprakash Gaur, the founder of Jaypee Group, had a single-minded focus after graduating from IIT Roorkee with a diploma in civil engineering. He decided to contribute to nation-building by branching off as a civil contractor in 1958 and founded Jaypee Group. The Group’s business interests include engineering and construction, cement, power, real estate, expressways, fertilizer, hospitality, healthcare, sports, and information technology. This article covers the story behind Jaypee’s failure. How did Jaypee start, what all the good things it did, what exactly went wrong, and what is the future now? One thing is for sure, if everything would have gone well, Jaypee would have completely changed the situation in Noida. It could have become the DLF of Noida. But could not. More than 20000 buyers are still struggling to get the homes of their dreams. Let us look at the story behind the making of Jaypee.

Work done by Jaypee:

Jaypee Infratech was founded in 2007 and it is the part of the Jaypee Group. So, let’s look at some of the successful works done by Jaypee Infratech.

1. Yamuna Expressway project:

The Group entered into the construction of expressways with a 165 km access controlled 6 lane super expressway along the Yamuna River connecting Greater Noida and Agra. You would know how well-developed the Yamuna expressway is if you have been to it. It has become a big boon for Noida. Jaypee has also built the Zirakpur-Parwanoo Himalayan Expressway. 

2. Jaypee’s Hotels and Resorts:

In New Delhi, Uttar Pradesh, and Uttarakhand, the hospitality division of the Group owns and manages five hotels. 

3. Jaypee’s Hospital:

The Jaypee Hospital is well-developed and offers excellent health facilities. The hospital is now commissioning 525 beds in the first phase of its intended 1200-bedded tertiary care multi-specialty complex.

4. Jaypee’s F1 Sports:

The Group hosted the inaugural Formula One Grand Prix of India on October 30, 2011. The track is anticipated to hold more top-tier international racing competitions in addition to F1. Though this was unsuccessful as F1 races did not succeed in India. 

5. Jaypee’s Real Estate:

The first real estate project of the group, Jaypee Greens Greater Noida, covers 452 acres. This distinguished municipality includes an 18-hole Greg Norman golf course, upscale homes, shopping centers, etc. 

India’s First Wish Town, a premier township featuring an 18 + 9 Hole golf course, world-class residences, commercial developments, numerous entertainment amenities, and acres of greenery, was Jaypee Greens’ second project when it was unveiled in Noida in November 2007. The group then started construction on Jaypee Greens Sports City and Jaypee Greens Wish Town Agra, two townships along the Yamuna Expressway and Jewar International Airport, which is scheduled to open soon, and is a 20-minute drive from the city center. 

But destiny was against Jaypee’s prosperity, and Jaypee’s fantasy township became a failure. So let’s talk about this township’s swindling and how many house buyers lost their dream homes.

Jaypee’s Failure in Real Estate:

Who doesn’t want to be the owner of their own home? All of us do. Not just any house, either. A perfect home must be spacious, well-connected to the rest of the city, have a room with a view, and have the best amenities. However, it has been more than 12 years since thousands of Jaypee Infratech Limited (JIL) home buyers in Noida were victims of the mother of all real estate failures in India. The long-drawn legal battles are ongoing, leaving more than 20,000 Jaypee home seekers running from pillar to post and many giving up.

Jaypee got the land of the wish town in return for building the Noida expressway for Rs 400 crores. The company launched 32000 flats, still, 70% of apartments are in the under-construction stage. This project did not show any signs of readiness for the completion date. Around 90% of buyers made their payment, but it was still claimed that progress has been made on this project, although there was nothing to show for it.

A total of 18,767 people paid a total of Rs.8,676 crores to the company. 1410 people received possession worth 528 crores with no registrations. 413 people canceled their booking and their refund of Rs 64 crores is still pending.

Reasons for the failure:

 The reason behind the Real estate failure of Jaypee are:

  1. Jaypee group took the money that buyers had paid for homes and invested it in other projects.
  2. The company invested the money in other businesses.
  3. The government changed at that time.

 Future of Jaypee’s Failure:

After a super-lengthy resolution process, Mumbai-based Suraksha realty group got the approval of financial creditors and home buyers to take over the company in June 2021. Furthermore, in its offer, Suraksha promised to deliver all Jaiprakash Associates’ pending housing units within 42 months. It has offered to pay Rs 125 crore upfront and infuse Rs 3,000 crore within 90 days for completing the stalled projects. It will also put Rs 300 crore receivable from Jaiprakash Associates for completing the pending housing unit. Since Jaypee was an extraordinary case, the finalization of the bids is pending before NCLT for more than 17 months for approval. After the approval, the 20,000 home buyers who have been waiting for their units in various housing projects of Jaypee can finally breathe a sigh of relief.

India’s 5 most expensive houses

India’s wealthiest truly have luxurious tastes and live in prestigious residences with unique names, unexpected architecture, elegant interiors, and first-class services. Here, we’re showing billionaire homes. So, if you are eager to know which of these billionaires of India live in the most expensive houses then you are on the right way. Read on propertywala as we take you through the list of India’s 5 most expensive houses.

1. MUKESH AMBANI’S ANTILIA:

Reliance Industries Limited chairman, a business tycoon, Mukesh Ambani is one of the wealthiest men in India. His luxury house comes on the top list of India’s 5 most expensive houses. Therefore, a man who currently holds the title of 11th richest person in the world lives in Antilia, the most expensive private residence in India.

5 facts about Antilia, Mukesh Ambani's $2 billion Mumbai mansion |  Architectural Digest India

Let’s know about Antilia’s house:

  1. It is located at Altamount Road, Mumbai, Maharashtra
  2. The area of Antilia (in sq. ft.) is 4 lakh sq. ft.
  3. Total no. of floors 27.
  4. Mukesh Ambani’s house has approx. 600 staff.
  5. Other vital features: 9 high-speed elevators, a Private movie theater, 3 helipads, a hanging garden, an ice-cream parlor, a salon, and a gym. Apart from this, there is a parking space for 168 cars with 6 floors of car parking.
  6. The price of the house is approximately 15,000 crores.

2. GAUTAM VIJYAPAT SINGHANIA‘S JK HOUSE:

The chairman and Managing Director of the Raymond Group, the world’s largest producer of suiting fabric. He has a mansion that is called JK House, which will be a combination of a private residence and a textile showroom.

Most Luxurious House In India - Check Out The Most Expensive Homes
  1. The location of the house is Altamount Road, Mumbai, Maharashtra, located next to Antilia.
  2. The area of the house ( in sq. ft.) is 16,000 square feet.
  3. The total no. of floors is 30.
  4. There are 6 Parking floors.
  5. Some other features: 2 swimming pools, a spa, a gym, and 1 helipad.
  6. The price of the house is 6000 crores.

3. MR. ANIL DHIRUBHAI AMBANI’S LUXURY HOUSE ‘ABODE’:

A top businessman in India and the Chairman of Reliance ADA Group Mr. Anil Dhirubhai Ambani’s property offers luxurious and 7- star hotel amenities. This luxury villa is known as Abode.

Inside Jai Anshul and Jai Anmol Ambani's 14-storey Mumbai home – yes, they  still live with parents Anil and Tina, but it's no Antilia ... | South  China Morning Post

Let’s have a closer look at this magnificent property:

  1. It is located at Pali Hill, Mumbai
  2. The area of the house ( in sq. ft.) is 16,000 sq. ft.
  3. The total no. of floors is 17.
  4. Other vital features are: a swimming pool, a gym, 1 helipad, parking space, and a lounge area displaying Ambani’s car collections.
  5. The price of the house is 5,000 Crores.

4. MR. KUMAR MANGALAM BIRLA JATIA HOUSE:

Jatia House is also one of the most expensive houses. It is owned by the chairman of Aditya Birla Group, Mr. Kumar Mangalam Birla, a Chartered Accountant.

news mumbai kumar mangalam birla to pay rs crore for bungalow  -m.khaskhabar.com
  1. Jatia House is located at Little Gibbs Rd, Malabar Hill, Mumbai.
  2. The area of the house (in sq. ft.) is 30,000 square feet.
  3. There is a total of 3 floors.
  4. Some other features of Jatia House are: a grand garden, a small pond, a central courtyard, and 20 bedrooms.
  5. The price of the house is 425 crores.

5. SHAHRUKH KHAN’S MANNAT:

The King Khan of Bollywood, Shahrukh Khan is one of the most loved stars in the Hindi film industry. His house, Mannat, is a famous landmark in Mumbai city. His house looks very glamorous and has become a tourist place for his fans.

MP man drunk calls Mumbai police, threatens to allegedly blow up Shah Rukh  Khan's Mannat, gets arrested | People News | Zee News
  1. The address of the house is Mannat, Land’s End, Bandra (West), Mumbai.
  2. The area of Mannat (in sq. ft.) is 27,000+ square feet.
  3. There are 6 floors.
  4. Other vital features in Mannat are multiple bedrooms, living areas, a gym, pool, library, a private movie theater, Shahrukh’s office, an impressive terrace, and a bar. 
  5. The house price is estimated to be around Rs. 200 crores.

Watch the full video on YouTube by clicking on the link https://youtu.be/ZKCE7uUsSxU

Noida Authority taking Action against Builders for Delaying Registry of Flats

noida-authority-taking-action-against-builders-for-delaying-registry-of-flats

Noida authority intimidated to take action against developers who offered properties to buyers without a registry of flats.

The Noida Authority conducted an inspection or checked 18 housing societies and found people living in them for 4-5 years without a registry, leading to a loss of revenue for the state government.

Noida Authority conducted a meeting with developers- 

Several developers including Mahagun, Imperial housing, Supertech, Prateek realtors, Aims max, Antriksh developers, and Sikka attended the meeting.

The authority has given 3 months to complete the registry. And is organizing a camp with the help of revenue and tax department to ease the process. It has also said that instead of paying dues immediately, the developer can pay the dues at the time of registry of apartments.

In the meeting the authority said- “Builders need to complete paperwork in March. The Real Estate Regulatory Authority  (RERA) was also asked to take the necessary measures in this regard.”

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