NBCC Slow Progress on Jaypee Projects Worries Homebuyers

The Jaypee Group homebuyers demanded that top officials intervene to finish stuck housing projects as the state-owned NBCC India is unable to get the flats delivered. The NBCC India, which has been finishing the incomplete flats, has stopped the work since March, troubling flat buyers. On March 3, 2020, the national company law tribunal approved state-owned NBCC’s resolution plan, a blue print that has details as to how it will finish and deliver the stuck flats. The homebuyers have written to NBCC executive director Yogesh Sharma, resolution professional Anuj Jain and other officials concerned seeking their attention to buyers’ grievances. “Our grievance is that since this process of handing over control started in March 2020, construction work and sub-lease deed work stopped without any valid reasons. We are running from pillar to post but nothing is happening. Those buyers who want to execute their sub-lease are suffering and delivery is getting delayed further,” said a buyer of Jaypee Aman. According to the NCLT, at least 2,200 flats are ready for registry (sub-lease deed). But since March, only four or five sub-lease deed has been taken place. “Since the control of the realty firm is being transferred to NBCC, it takes time to decide and appoint a new authorised person who will execute the sub-lease deed on behalf of the developer with buyers and the respective authority. Reading, documentation and formation of new rules take long time. The sub-lease deeds stopped in March due to the Covid-19 pandemic. And later, even buyers were afraid to execute the sub-lease due to infection fear. And our staff are also reluctant,” said an NCLT official.