Jaypee Infratech has announced that the construction at Jaypee Wishtown Noida will start in a week’s time. The construction is restarting because Jaypee Infratech has been able to receive working capital which amounts to Rs.1800 crore from banks.
The construction at Jaypee Wishtown Noida was at a halt with the developers only being able to deliver 5500 flats out of the total 32000 flats.
But the chairman of Jaypee Associates has calmed down the aggressive homebuyers by claiming that the construction for 50 towers will restart by 24th April while on the remaining 70 by 29th April. The society has a total of 305 towers, out of which 250 are incomplete.
The working capital funds given by the banks will help the developers to quickly restart the work on the construction site. And since the project is based on a construction linked building layout, the homebuyers will start giving money once the construction will start.
The total amount which is needed to construct the entire project is Rs.9000 crore. This huge difference will be covered by selling flats after their construction is completed.
The developers of Jaypee Wishtown have admitted to not meeting the homebuyers’ expectations but now as they have the working capital from banks in their hands, they are all set to gain the confidence of homebuyers.
The developers have promised to deliver 6000 flats by March 2018, 8000 flats by 2018-19, while by 2020 the remaining ones will be handed over.
The developers of Jaypee Wishtown are expecting a progress in the cash flow of the company after the construction which will ultimately help in the speedy completion of the project.