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Jaypee Developers - Pained by Jaypee over delay in posession for 5 years now

Dear Sir / Madam, I wish to bring to your attention the anti-consumer policies being adopted by Jaypee, the biggest builder of NOIDA. I have booked a flat in 2009 in their Kosmos project. Promised delivery was in 2012. But now five years later the flats have still not been delivered. In the meantime, Jaypee has adopted many unfair practices: 1. Jaypee has increased super area of a previous project called Pavillion which was recently delivered, 4 years late. This increase in super area negated the compensation completely. Last minute increase in super area is against the UP Apartments Act, which in a recent Allahabad High Court Judgement is applicable throughout UP. I have been informed that Jaypee is planning to increase super area in all its flats - and Jaypee has sold over 30, 000 flats in NOIDA. That is 30, 000 customers whom Jaypee is planning to cheat. They must be prevented from engaging in this nefarious purpose 2. Jaypee has not paid any compensation to me at all in the last 2 years. They have said they will adjust in the last instalment only. However my monthly outgo of rent and EMI is right now - and I want compensation right now so that my monthly outgo is reduced. 3. Jaypee charges 18% and recently reduced to 12% interest in late payments. The same terms must also be applicable in the compensation due to me. 4. Indefinite delay must attract higher and punitive compensation. Currently, they are using the compensation of 2009 prices, whereas for 2014 this compensation is inadequate due to inflation. However they have taken my money from 2009-2011 and are enjoying the interests from the amounts without delivering the flats. Through your channel, I wish to highlight these practices and seek redressal as follows: 1. Super area increase must be prevented because it is illegal as per UP Apartments Act. 2. Compensation from here onwards must be doubled to Rs. 10 per square feet and must be paid out on monthly basis in the form of monthly cheques. 3. Previous compensation amounts which have accumulated for the last 2 years must be subject to compound interest at the same rates which Jaypee charges to its customers for late payment 4. Compensation must be adjusted at the NEXT due payment and not the last due payment. If your channel is able to highlight these problems of customers and have these simple and just measures implemented it will go a long way in mitigating the suffering of 30, 000 people who have paid a total of 10 to 20, 000 CRORES to Jaypee as charges for their flats but are facing the harassment of supra-normal delay. Jaypee is a very big company and is a market leader for the NOIDA region. If they are made to adopt these customer friendly and just measures, then all other real estate companies of NOIDA will have to follow suit. I therefore request you to take up Jaypee as the main test case for reforming the real estate sector of NOIDA. Jaypee is a big company with stock market listing, national and international investors. I am sure that the company will take corrective measures as a result of your involvement . Thanking you and with regards, Samir Gupta


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