Jaypee Housing Registration Restarts with Cloud of Doubts
A week after the Supreme Court reinstated the interim resolution professional to manage the affairs of embattled firm Jaypee Infratech, the process of registering the housing units has restarted and would be ramped up in the next two to three weeks.
The registration process has now recommenced post the pandemic and it will take another two three weeks to become fully functional. However, homebuyers still fear that if they get their units registered, there is no guarantee that it would be completed in all respects. While the towers are structurally ready, the entire infrastructure is not in place especially the lifts and the parking area. A lot of work is still pending. “How can we be sure that it would be completed after we get our units registered,” said a buyer.
As per the process, the buyer first intimates the company that he is interested in taking over the unit. The customer then has to clear all his dues and finally register the unit with the authority. The final finishing work takes place in two phases – registration and then handover. Typically, the real estate company receives the remaining 5 to 10 percent of the amount before registration of units and in case of Jaypee most buyers have already paid 95 percent. Before registering their units, buyers would have to clear all their dues.