70,000 homes in trouble after groups Jaypee and Amrapali run into financial trouble


The Amrapali group and the Jaypee group were once the leading and biggest names in the real estate industry. The former was responsible for making about 45,000 units, while the Jaypee Group, if all its projects were added together, had about 50,000 units in the Gautam Budh Nagar area of ​​UP’s Noida.

It can be estimated that almost 50 percent of all units to be built here were from these two builders. Acquiring more and more land and starting several projects simultaneously was perhaps one of the groups’ biggest mistakes.

By the time the companies reached their mid-stage, both were on the brink of bankruptcy and going into the… National Company Law Court (NCLT).

Lakhs of people had invested in their projects and handed over their lifetime savings to these builders, of which about 30,000 units have been delivered. The remaining 70,000 units are still incomplete, with both the Interim Resolution Professionals (IRP) and the NCLT being called in to deliver the flats to their buyers.

Lawsuits were filed against the builders for failing to repay the huge loans from the banks and the market. The number of cases against them increased and gradually affected their work.

The National Bank of India has filed a case for a dues of Rs 6,893 crore against the Jaypee Group while the Amrapali Group owes around Rs 9,000 crore to various financial institutions.

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