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Jaypee Scam: 20,000 JIL Homebuyers Continue To Suffer Even After 12 Years | A Report

Priya Singh | 2024-01-15

A pall of gloom has enveloped the Jaypee homebuyers as the NCLT is yet to finalise the revival plan and hearings are still on.
Noida: It’s been over 12 years as thousands of Jaypee Infratech Limited (JIL) home buyers in Noida, who are the victims of the mother of all real estate frauds in India, continue to anxiously wait for their flats. Stuck in long-drawn legal battles (the home buyers’ case is now being heard in the National Company Law Tribunal, or NCLT), the decade-old plight is lingering that left more than 20,000 Jaypee home seekers running from pillar to post, with many finally giving up.
Currently, there are 18,767 active home buyers who have paid a collective principal amount of Rs 8,676 crore.
Nearly 413 home buyers have cancelled their bookings and their refund worth Rs 64 crore is still pending
About 1,410 buyers have been issued offers of possession valued at Rs 528 crore, but no registration has taken place for those properties to date.
There are some frustrated Jaypee buyers who have stopped paying the EMIs and are just not bothered about the ramifications it will have on their credit history as they just cannot afford to pay both the rent and the EMI.
Several Army officers spent their entire retirement benefits to book flats in Jaypee Wish Town and other properties and are still living in rented premises.