SINCE ASHISH KAPOOR booked an apartment in a Jaypee Infratech project in Noida more than a decade ago, he has moved from his rented place in South Delhi to a rented apartment in Gurugram, turned 60, and seen his son grow up from being a student to becoming a professional. Throughout this time, the only thing that has remained constant is his yearning for his own home. There are at least 20,000 others like Kapoor who face this predicament.
The genesis of their problem lies in the 32,700 residential units booked between 2007 and 2011 under various Jaypee Infratech Ltd (JIL) projects, of which over 20,000 remain undelivered even after a decade. A report filed by the interim resolution professional in the Supreme Court says the Jaypee Group had collected at least ₹13,364 crore from homebuyers in booking amounts and advance payments till it went into insolvency in September 2017. JIL is not the sole offender; there are others like it. Take the case of Amrapali Group, another Noida-based realty major, whose promoters are languishing in jail on charges of duping homebuyers.
A close look at the 2011-15 period throws up a stark picture of real estate firms duping homebuyers, which eroded trust in the once booming market, and by the mid-2010s, brought it to a grinding halt. After that, the Delhi-National Capital Region (Delhi-NCR) market suffered from subdued demand, few new launches, and a lack of price appreciation. But not anymore. The residential real estate market in the Delhi-NCR—particularly the micro-markets of Noida-Greater Noida—is finally looking up as customers make a beeline for homes.
Denne historien er fra November 12, 2023-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra November 12, 2023-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Pension Scheme - Safety Net
The move to introduce the UPS has evoked mixed reactions. Analysts believe its funding will have limited impact on the fiscal math
The Reit Choice?
Real Estate Investment Trusts (Reits) Are Gaining Traction As Interest Rates Stabilise. But Returns Could Be Affected By Adverse Economic Conditions And Market Volatility
CORPORATE - Calling to Account
The sudden exit of Byju's auditor BDO marks the latest in a long series of setbacks for the edtech firm
EMPLOYMENT: Skills Push
The skill development ministry plans to partner with the UGC to improve the employability of undergraduates
Building on a Vision
L&T'S CHAIRMAN EMERITUS A. M. NAIK HAS BUILT A MAMMOTH ENTERPRISE THAT IS BUILDING A NEW INDIA, FROM ITS METRO RAIL SYSTEMS TO THE RAM TEMPLE
"KYS more important than KYC"
Vijay Kedia is a renowned equity investor; the value of his listed portfolio stands at around ₹1,750 crore
ROXX STAR
THE THAR ROXX COMBINES LUXURY WITH PERFORMANCE TO MAKE A STRONG STATEMENT IN THE MID-SIZE SUV SEGMENT
HIT THE GROUND RUNNING
Smartwatches have become indispensable tools for runners, offering real-time insights into pace, distance, heart rate, and more. Here are a few you can consider
TURNING THE TABLES
INDIA'S FURNITURE MARKET IS POISED FOR A GLOBAL TAKE-OFF. ALREADY, A HOST OF GLOBAL BRANDS HAVE MADE THE COUNTRY THEIR HOME, BUT INDIAN COMPANIES ARE NOT TOO FAR BEHIND
THE EVOLUTION OF ATHERA
IDENTIFYING OPPORTUNITIES IN ADVANCE HAS STOOD THIS BENGALURU-BASED VC FUND IN GOOD STEAD. NOW, WITH A HEIGHTENED FOCUS ON TECHNOLOGY, IT WANTS TO SUSTAIN THE SUCCESS