The working capital will help meet the immediate funding requirements to start construction, Gaur said. And once work starts, money from homebuyers will pour in as they are tied to a constructionlinked building plan. The homebuyers’ contribution still due is Rs 7,000 crore.
At the same time, the amount required to complete the construction of all the projects is Rs 9,000 crore. The difference could be met from selling 1,500 unsold apartments and unsold commercial space.
Around 27,000 buyers are agitating against the developers for the delay in giving possession of their promised flats.On Sunday , they even lodged an FIR against the builder. On Monday , they first met Gaur at a police station, a meeting facilitated by SP City , Noida, Dinesh Yadav . The meeting then shifted to the Jaypee office at Sector 128.
Buyers said the developers had made promises earlier too but did not keep them. Howe ver, Gaur said the company could not keep its promises in the past because of unforeseen circumstances. “Now as working capital has been released by banks, we will be able to meet the new timeline,“ Gaur said.
He also asked buyers to form groups of 7-10 persons in each project to monitor the progress of construction. He said the company will soon update its websites and from June a mechanism will be in place that will regularly update the site with all the latest information on construction. The company will also inform all the buyers of the construction schedule of his apartment and respective project through email.
The company has delivered 5,500 apartments and 3,000 plots. By March 2018, the company claims it will deliver another 6,000 apartments. Gaur claimed in 2018-19, the company will deliver 8,000 apartments and the remaining ones by 2020. The company has so far launched 32,000 apartments out which 1,500 are unsold.
Gaur hoped that with the start of construction, cash flow in the company will improve, which will help it to expedite completion of the flats. He hoped the sentiment in the real estate market will improve in the next one year. This will enable the company to monetise its unsold units and unused land.He said his priority was to complete the project so that everyone’s interest is protected.