FIR Filed against senior officials of Jaypee Group in Jaypee Naturvue Project on Yamuna Expressway !!

Gautam Buddh Nagar police have registered an FIR against the managing director and three other senior officials of Jaypee Group, who were alleged for duping an investor. "Based on a complaint filed by Ghaziabad resident Nikhil Chandel at Dankaur police station, a cheating case has been registered against the firm's managing director Manoj Gaur, joint managing director Sameer Gaur, senior chief manager Rajiv Talwar and chief manager Manoj" said Rajpal Tomar, SHO, Dankaur police station. According to the complaint, Chandel had in 2013 booked a flat in Jaypee Group's 'Sports City' project and the builder had promised to give possession in three years. Chandel said that on completion of the deadline, he visited the project site and found that the builder had not even started construction work. The complainant then approached the Yamuna Expressway Industrial Development Authority (YEIDA), which told him that the builder is yet to get the layout of the housing pro…

Managing Director of Jaypee and 3 Other Officials Booked for Deceiving Buyer in Jaypee Naturvue Project !!

Managing director of Jaypee Infratech Manoj Gaur, and his three other officials were booked for fraud case with an investor. A cheating case was registered by an investor in Jaypee’s “Sports City project” against the MD of Jaypee group Manoj Gaur, Joint Managing Director Sameer Gaur, Senior Chief Manager Rajiv Talwar and Chief Manger Manoj.

The complaint was registered by a Ghaziabad Resident, Nikhil Chandel, at the Dankaur Police Station. Chandel claimed that he had booked an apartment in Jaypee’s Sports City project in the year 2013 and the builder promised him to hand him over the possesion in the next three years.

According to Chandel, he visited the site of the work after the completion of three year deadline but he found that no work has started as of yet. The complain was then taken to the Industrial Development Authority at the Yamuna Exprresway, which informed him that the builder is yet to get the housing layout sanctioned,”as said by the SP.

According to a report, Chandel …

Real Estate (Regulation and Development) Act 2016 !!

Rajya Sabha cleared the Real Estate (Regulation and Development) 2016, which aims at setting up a real estate regulator, protecting the interest of buyers, increasing the disclosure norms for developers and increasing the transparency in the industry. The recommendations of the standing committee of Parliament on urban development and suggestions of various stakeholders including consumer organizations, industry associations, academia and experts have been taken into consideration. The Act came into force from May 1st 2016.
Project Size and Applicability:

The applicability of the Act has been extended to commercial, in addition to residential real estate. Further, ongoing projects that have not received Completion Certificates have also been brought under the purview of the Act and such projects will need to be registered with the Regulator within three months.

All the residential projects admeasuring 500 sq mtr or more than 8 apartments have to be registered with the authority; ther…

Jaypee Group defaults on Rs 4,460 cr debt of Indian Banks Payments !!

Reflecting substantial financial stress, diversified Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore.

The Group has on a consolidated basis failed to repay Rs 2,905.6 crore in principal amount to banks and another Rs 1,558.93 crore crore in interest payments.

"Overdue principal repayment of loans borrowings ... outstanding on March 31, 2016 wherein the period of delay ranges from 1 day to 269 days" include debt of Rs 2,183.17 crore.

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Jaypee Naturvue Apartment Construction not Started Yet-Project was Launched in August 2013 !!

Dear Friends, Last week I had visited Jaypee Sport city on Yamuna expressway to see progress of construction of booked Naturvue Project, that was no any construction work even there was no any single brick work was there. Approx 1000 individuals/end users had booked 2BHK flat there in August 2013, Maximum people has paid 7-15 lacs till now. At time of flat booking Jaypee guys were fooling end users by show attractive pics of singing guys pics, F1 Track, near by greenery etc.