It is the latest deadlock between homebuilders and management related to long-delayed residential projects, which was launched in 2010–11, and the units were to be distributed by 2014-15.
Following a long legal battle, a debt-affected JP Infratech Limited (JIL) was taken through an insolvency resolution process by the security group in June last year, and at that time, it was promised that about 20,000 houses would be completed in four years.
However, on slow progress in construction work, Jill Real Estate Allots Veloti Society (JRAWS), protesting under the banner of the Veloti Society (JRAWS), spread on the streets of Noida on Thursday.
In a statement, Jreaws said the homebuilders met the CEO of the company in the presence of the police force.
“Due to the banned access to the main gate of the Sector 128 office, we were forced to enter the premises … On reaching the security office, members of the junior staff attempted to join us; however, our primary intention was to meet CEO Abhijeet Gohil.” has claimed.
Moving forward, there will be monthly meetings to review the status of construction works. According to a statement, Jreaws President Ashish Mohan Gupta will coordinate and moderate these sessions between homebuilders and CEOs.
There was no immediate comment from Jill, which is now owned by the security group.
The association also alleged that the security groups have failed to showcase an honest commitment to start a full -scale construction work for the projects.
The statement said, “The resolution plan made 12,000 laborers mandatory to complete the construction deadline. Currently, only 2,000 workers have been deployed in only 150 towers, leading to a close stagnation.”
In June last year, the Mumbai -based security group took control of bankruptcy district soon after the security group NCLAT NCLAT retained the security group bid to acquire the company.
The security group will require investment of Rs 6,500-7,000 crore to complete about 160 residential towers in various projects.
