JAYPEE Wish-Town, Noida: The Silent Scam

REAL ESTATE CRISIS

credits:moneycontrol

As we all already know that various sectors of the economy are under the threat since last Quarters of the GDP. Among all those sectors there is one sector which was affected the most and we call it as the Real Estate Sector and if you live near the Delhi NCR region then you must be aware of this. At present every big housing company like 3C Lotus, Amarpali, Mahagun, Supertech, Logix group etc are going through a bad phase because of the real estate crisis since the BJP government came into power and it's not just BJP who did it alone, it's something done by a group of parties and ministers about which we'll talk soon. 

The real estate crisis is on the biggest scam that happened in the present time as this scam costs around 63 billion Dollars but still, not many people know about this, All thanks to the godi media and since I knew that you won't hear about this in the tv news so I thought I myself should explain it. So let's start-

THE JAYPEE GROUP

credits:hindustantimes

Among all the above-mentioned housing companies there is one more group who is standing on the top of this real estate scam and we know them by the name JAYPEE GROUP owned by the well-known businessman Jayprakash Gaur. 
In 2007 the Jaypee group promised that they will build around 30,000 houses in the Noida-Greater Noida expressway region, they promised that they will build a whole township in which there will be all the facilities including the houses, schools, colleges, shopping complexes etc-etc. But it's been more than 10yrs and even half of the number has not been crossed.

Even after numbers of court proceedings still, Jaypee is standing on the gates of insolvency but even after such a big scam Jaypee owners and not only Jaypee, owners of every housing group are roaming freely in the country and government is watching all this silently as always.

So you must be thinking that how did this decline of Jaypee happened even when BSP gave them the land, SP gave them all the rights and permits but still, things didn't go well for them cause for becoming big Jaypee invested the money of the people on different risky projects without even auditing the transactions and then Cherry on top was the Demonetisation because of which real estate sector hit really hard cause we all know that 30% of all the housing transactions in the nation is done in black money. Real estate crisis is one of the outcomes of the failure of demonetisation.

After all this even if Jaypee was not having money to build homes but they had money to hire big lawyers like Kapil Sibal who are keeping them safe from the law and order. After this when the eyes of the common people opened and this case started taking hipe in the market then Supreme court finally asked the Jaypee group to pay a sum of rupees 2000cr to the court as a penalty against their actions but the Jaypee group paid rupees 750cr out of the total amount as they said they are not able to pay such a big amount as the company is going through a financial crisis. 

NCLAT AND SUPREME COURT 

credits:indiatvnews

After this the case came under NCLAT(National Company Law Appellate Tribunal) who choose NBCC limited to continue with this project but they are not able to do so cause they didn't get the funds from the government to start the project and also they were told to pay the loans of Jaypee because of which they backed off and again the case went to Supreme court related to which Supreme court is about to give a judgement in the upcoming days.  

CONCLUSION

But the serious problem behind it is that if NBCC won't get enough funds and also if the government wouldn't be able to get a new buyer for the project then the last option would be to auction off the Jaypee Wish Town which will lead to a new problem because auction means that the common buyers will lose their houses but they still would have to pay for it. 

This problem is not only with Jaypee each and every big builder today is doing the same take any name 3C Lotus, Amarpali, Mahagun, Supertech, Logix group etc they are all the same. I took Jaypee's example because today it has become the biggest real estate scam in the entire nation. 

As a buyer and a citizen we should always invest our money carefully and should also ask the government that till when this will go like this, till when these big builders keeping hiding themselves behind power and political connections, till when we have to suffer like this.


AbhishekRawat
ContentWriter
@DayLightMedia