Diwali season is coming, and offers on housing and flats booking are also on the way. But before booking any flat or housing facility read this article. Because it may save you from the Real Estate Scam.Let’s have a look at it-
In 2007, JP Infratech announced to make more 30,000 flats on Greater Noida express way. The township will be ‘Wish Town’. But ironically, buyers didn’t know at that time that it will remain their ‘Wish’ to shift to this town. Today it is more than 10 years since announcement and only few thousand houses are deliver till date. After many minister’s promises, government change, insolvency proceedings and court hearings this town is on the verge of auction.
But why we didn’t hear about it? Because how will newspapers get the Housing ads if they will post against them! How will news channels get their sponsors if they will show news against them?
How this all started?
It started when BSP (UP government at that time) gave land for the flats, Samajvadi Party gave all the permits, Congress helped from the Centre. JP invested the money of flats to other projects like purchasing land for other projects, investment in other businesses. But didn’t focus on delivering flat which was the main work to do. After that Yogi government assured to deliver the flats but like all minister’s promise this was also not completed since then. Banks were in someway also involved in this because since 5 years they are neglecting to do the audit of this project.
And middle class person’s dreams got broke. This becomes the biggest housing crisis of the country.
Court and proceedings
When common man filed the case in Supreme court then Supreme court asked JP to deposit fine of 2000 crores. But JP only gave 750 crore as fine. After subsequent warnings by Supreme court, JP did nothing. Buyer was made creditor if auction happens. The common man filed case in National Company Law Appellate Tribunal. NCLAT started finding new builder who would replace JP and can complete the project. After subsequent round for any builder, NBCC name comes for replacing JP builders and it was selected.
But the picture changed when JP asked to return its 750 crore as the project was no more with them. Also banks were asking to compensate in money not in land. NCLAT also ordered NBCC to compensate to farmers for their land. But NBCC denied and demanded 750 crore rupees to start project again otherwise they will leave the project.
After all matter starting again, Supreme court transferred all the cases to itself. Now the court has reached the conclusion and result will come in few days.
This whole story is not only of JP builders. This is a story of every other builder with power, money and contacts. And who suffers the most from it? Common man, who earns money through hard work and saves money to buy his dream home. But his dreams got broke by these big builders. So before investing your money in these kind of projects, take advice from someone who had invested in such projects and ask them if they got delivery of their ‘DREAM HOME’.