The Noida Authority has confirmed that completion certificates have been sought by Jaypee Infratech Limited for 35 villas present in the Town Homes project which is located at Wish Town in Sector 128. The developer has also promised to submit an application within the next two weeks to the Noida Authority for getting completion certificates for 5 towers in its Cosmos project which is situated in the same location. Out of a total of 32, 000 units across 27 projects of Jaypee Infratech Limited, completion certificates have been provided to 7,073 units by the Noida Authority till now.
According to officials at the Noida Authority, the applications for completion certificates of the villas at the Town Homes project were made one week earlier. According to the Chief Architect Planner at the Noida Authority, A K Mishra, the inspections have not been carried out yet and the department will be verifying all details in the completion application along with ensuring that all NOCs have been adhered to. Once the documents are verified and all dues are cleared to the Authority, teams will undertake on-site inspection to ensure that all facilities are available as per the checklist prior to issuing the final completion certificate.
Mishra also stated that the developer has provided an assurance of submitting the completion application for five more residential towers in the Cosmos project by the next 15 days. In July, 2017, the Noida Authority had provided completion certificates for 1,000 units across 9 towers in three projects by the developer, namely Jaypee Cosmos, Jaypee Aman and Jaypee Klassic. All of these projects are situated within Jaypee’s Wish Town project.
The developer will now be able to provide possession for these units and homeowners will then get registration processes concluded. According to the CEO of the Noida Authority, Amit Mohan Prasad, the developer is expected to offer possession for 500 more units in September, 2017 and the process will continue. Buyers should not panic since the Authority has asked the developer to ensure that construction work across 27 projects in the township continues without any stoppage till the units are developed. The developer has also provided assurance that 5,000 workers are executing construction at this township and work will not be impaired by the proceedings undertaken by the NCLT (National Company Law Tribunal) as per the insolvency & bankruptcy code.
Yogi Adityanath, the Chief Minister of Uttar Pradesh, has already set up a panel of three ministers in Lucknow on the 22nd of August, 2017, for taking stock of the situation and addressing the issues faced by developers and homebuyers alike. The panel includes the industrial development minister, Satish Mahana, minister for legislative affairs, urban development, Sahari Samgra Vikas, Suresh Khanna and the minister for sugarcane development and sugar mills, industrial development (MoS) independent charge, Suresh Rana. These three ministers will be stationed in Delhi for finding a solution to this crisis.
