New Delhi, August 21: Legal experts warned Jaypee buyers to beware of transfer offers, as withdrawing of money from the projects can amount to asset stripping. This advice comes at a time when home buyers, who booked apartments in properties developed by Jaypee Infratech, have reportedly started receiving offers from brokers to adjust with another property in Noida and Greater Noida area.
A Times of India report quoted a buyer, who allegedly received several calls from real estate consultants and brokers suggesting he shift his booking to a Jaypee Associates property in Greater Noida. Reportedly, people who booked flats at Rs 1 crore are being advised by these brokers to buy a different property worth Rs. 2.5 crore to 3 crore in an upcoming project. They also suggested that the amount paid earlier to Jaypee Infratech will be adjusted in the new property.
Legal experts quoted in the TOI report said that it is not possible for flat buyers in Jaypee Infratech projects to withdraw money. They said the contracts do not allow for a withdrawal. However, only a discount for delayed delivery of flats is permitted.
The National Company Law Tribunal initiated insolvency proceedings against Jaypee Infratech. As per the report, the insolvency resolution professional is making attempts to ensure that the company is able to build flats in the future and deliver them to the buyers.
Reportedly, apart from transfer offers, some brokers also suggested that they can buy the allotment at a discount and pay the original buyers who have booked a flat. Also several of the projects being offered on transfer to buyers are also commercial, the report claimed.
For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on India.com.