Thousands of families across India have invested their hard earned money into housing projects but even after the passage of several years, their dream home is yet to be delivered. While builders and realty companies take their own sweet time in completing the project, the families face a tough time in paying both the EMIs of home loans and house rent.
Ashok Kaul, 34, is the owner of an unfinished flat in Jaypee's Kensington Park in Noida. His anger and emotional outburst mirrors the frustrations of many house owners who have invested in several of Jaypee projects, which are yet to be completed.
Jaypee group's Klassic project has 2400 flats priced between Rs 30 lakh to Rs 1.8 crore. The completion deadline of the project was 2012 but even in 2016, it is far from being handed over to the buyers.
Another buyer Abhishek Saxena wanted his house to be ready when his parents retired in 2011. But even after paying close to Rs 50 lakh and waiting for more than four years his dream remains unfulfilled. His father, a heart patient, pays rent as well as EMI.
Ashok Bhatla,75, invested Rs 50 lakh of his life savings for a flat in Jaypee Klassic. Diagnosed with Parkinson's disease, he still visits the site every month. "If I'm buying it in 2012 and if the intent of the builder is to deliver as per the old promises they should deliver in 2012 itself. Isn't the intent questionable? If this is not questionable then what is," asks Ashok's son Aviral.
At Jaypee's Noida headquarters, a company representative Ajeet Kumar blamed the delay in completion of the project on the Noida authority. "it was only in December 2015 that we got the first approval from Noida authority. We'll be able to give possession by March 2017," Kumar said.
However, things don't seem to be as simple as giving a completion date. The Jaypee group invested Rs 60,000 crore between 2006 and 2012 in real estate, power and cement projects.
The company has built a formula One racetrack, the Yamuna Expressway and also bid for an international airport and a cricket stadium in the Noida-Greater Noida region. But the group is also struggling under a debt of Rs 75000 crore.
Though the Jaypee group has promised to complete the flats by 2017, the group will have to race against the time. But looking at the pace of construction, it seems that Jaypee is not even taking baby steps and the work seems to be at a complete standstill at its sites.
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