Business

Jaypee Infratech Willing To Handover Yamuna Expressway For Rs 2,500 Crores

News World India | 0
3035
| October 13 , 2017 , 18:58 IST

Jaypee Infratech has lately been making headlines for being unable to deliver apartments to over 30,000 individuals as promised. In order to pay back their money, country's largest real-estate developers have come up with a solution.

Jaypee on Friday told the Supreme Court that the company is willing to hand over the Yamuna Expressway to a developer who has offered Rs 2,500 crore for the project.

The company was asked to deposit Rs 2,000 crores by the Supreme court to refund the flat-owners by October 27. Challenging the bankruptcy law, 40 flat-owners who bought Jaypee flats in Uttar Pradesh claimed that the law gives banks that lend to property developers unfair priority while failing to safeguard the homebuyers.

ALSO READ: Supreme Court Directs Jaypee To Deposit Rs 2,000 Crore In Insolvency Proceedings

Jaypee Infratech was asked by the banks to declare themselves bankrupt on account of unpaid loans which are worth Rs 500 crores. As per the bankruptcy law, after the company declares itself bankrupt, buyers are unlikely to get their promised apartments or have investments returned.

Every year, lakhs of middle-class Indians invest their hard earned money in new building projects at the outskirts of metropolitan cities with the hope of owning a home but the majority of these projects are upheld by the real-estate companies and use the investments to fulfil projects, leaving the customers helpless.

Yamuna Expressway is a six-lane corridor which was built by Jaypee in 2012 for a cost of 13,000 crores. This major highway links Delhi to Agra. Jaypee Infratech has the stake in the project which allows the company to develop townships along the highway. The company also earns from toll collected on the highway.