People invest their lifetime savings – some in lakhs and some in crores – to get their dream house but in most of the cases they are at the receiving end as they don’t get the flats on time.
In UP’s Gautam Buddha Nagar district alone, out of the more than 3 lakh flats booked by home buyers, only 1.25 lakh units have been delivered so far by the builders.
Shockingly, the manner in which the builders are approaching the National Company Law Tribunal (NCLT) here to declare themselves bankrupt, it seems that in the future people’s wait to get their dream homes is going to be even longer.
Among some of those projects, in which the builders have approached the NCLT and interim resolution professionals (IRPs) have been appointed, are of the Jaypee Group, Amrapali Group, Supertech Limited and others.
In Gautam Budh Nagar, the Jaypee Group alone is building about 50,000 units. Be it Jaypee Aman, Jaypee Wish Town, Jaypee’s Sports City on the banks of the Yamuna Expressway, the start was fast but all these projects have almost got stuck in the middle.
The Amrapali group is building about 43,000 units for the people. After going to the NCLT, the appointed IRP is trying to deliver the flats to the people after finishing his work as soon as possible.
Supertech Limited has promised to deliver more than 25,000 units to the people on time. Along with this, Airwil which has 3,000 units, RG Group which has 1900 units, 3C Lotus Group which has 4200 units and 3C Lotus Boulevard which has 3300, are yet to be delivered to the home buyers.
As IRPs have been appointed in all these projects, people have a hope that they will be able to get their dream home soon. At present, it seems that the work is on track, but it is very difficult to say when their wait will be over.