[ad_1]
After major reforms such as the Real Estate Regulation and Promotion Act (RERA) and the Goods and Services Tax (GST) Streamlining, Jaypee Infratech Ltd (JIL) likely to resolve the insolvency case. will be another major development to boost housing. Buyers' confidence, even more in the moderate real estate market of the National Capital Region, said market experts.
"If this resolution succeeds, it would boost trust, because Jaypee was one of the most highlighted cases.After RERA and GST, the segment is very transparent, which will further ensure end users trust. , that their money is very safe, "said Asha Singh, vice president of marketing at 360 Realtors.
Jaypee Infratech's Creditors Committee (CoC) would finalize on April 30th to obtain the insolvent JIL and the responsibility to build more than 20,000 incomplete flats.
According to sources, among the new offers from National Buildings Construction Corp. (NBCC) and Suraksha Realty, that of NBCC was rejected on Friday, the CoC having concluded that the offer was conditional and subject to the approval of several departments.
Conditional offers are not permitted by the Insolvency Act.
Now, on April 30, the CdT would submit Suraksha's candidacy to the vote and sources say it could be accepted.
A successful resolution and timely execution would mean that, whatever the circumstances, the homebuyer's money would be safe and that the developers would also understand that they must play the game fairly, have said badysts.
The real estate company has a debt of nearly 9,800 crores of rupees and more than 22,000 of its flats in Noida are still incomplete. The deadline for resolving the JIL insolvency case is May 6th.
Meanwhile, the Adani group is also eager to enter the ring and has sent a statement of interest to the CdC but has not finally submitted its resolution.
Jaypee's promoters also persuaded homebuyers to help the company remove the business from the insolvency process under Section 12A of the Insolvency and Bankruptcy Code. (IBC).
In a letter sent last week to anxious homebuyers, Manoj Gaur, president of the Jaypee Group, promised to build the incomplete apartments in four years, offered 2,000 equity shares to the developer and also pledged to constitute a "supervisory committee". of a retired judge of the Supreme Court.
Gaur also promised a "minimal" haircut to banks in terms of recovering their loans.
In addition, in accordance with the resolution plan of Jaypee Associates Ltd (JAL), the group company of which JIL is a subsidiary, JAL would infuse Rs 1,500 crore "in advance to cover the shortfall in the cost of building houses".
He also said that 100 acres of unused land must be preserved for the need for funds, if necessary, in the future. "100 acres of unencumbered land must be preserved for unforeseen circumstances.No development / sale / mortgage on these 100 acres will be undertaken for three years or the completion of the last house (out of 20,524) if this is posterior. "
Although several homebuyers have expressed concern that lenders have turned to JAL because they have ensured that they would not be cut at all or not at all, lenders could now focus on Suraksha and vote for his offer on April 30th.
If this resolution is adopted, developers will no longer take home buyers for granted, property experts said.
–IANS
rrb / mag / mr
(This story has not been changed by Business Standard staff and is generated automatically from a syndicated feed.)
[ad_2]
Source link
