Thursday, May 28, 2009

Jaypee Greens Aman

Jaypee Greens has launched the project Aman on May 27, 2009, this 70 acre project is having 2/3 bed room flats of 850 – 1350 Sq.Ft, 9 hole golf course, at only Rs 2250/Sq.Ft possession will be given in 2012.
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These offers look very attractive, attractive like a carnivorous plant - This attracts its prey with color full exteriors by show casing itself as most beautiful flower of the town.

Two three days ago I received an SMS on my mobile, about the price and area of the flat. I was surprised with the offer. In a time where other builders are offering flats at higher rates, why these people is so benevolent on their customers?

Through my search for fact I was left with some unanswered questions, which made me sure that some thing fishy is going on in this project.

1. My 1st question – why any body from Jaypee is not involving in the deal?

The very first thing that I noticed was, no body from Jaypee is directly involved in booking and providing information on Jaypee Aman. I called up at Jaypee office and after transferring my call for 5 times they asked me to drop my mobile Number, They will call me back.

I got a call from a guy named Vikas, on enquiring him I found out he is not a Jaypee employee but a broker.
I searched on net for any contact no of marketing personals of Jaypee Aman but that led me to a failure, every time it was a broker on the line.

“No body gave me the number of the Jaypee Marketing Exc or manager”

2. Why every one is confused about the No of units of flats in 70 acre land?

During my conversation with brokers, I found that all brokers (almost 5) told me different numbers of units. The data was varying from 1200 to 3000 units of flats. These variations directly relates to the authenticity of its Legal and Technical Papers, these rise the questions –

“Do they have approved Map for the project?
If yes than why they are not sticking up at a definite number of units?”

“If they don’t have papers than, how can they launch their project and ask for the money?”


3. Conversation with HDFC bank.

A customer care executive of HDFC bank confirmed me that, papers of the property have still not passed by the Noida authority till 27th May 28, 2009.


4.Payment Plan for the Jaypee Aman.

· 20% of Basic amount + IDC within 2 months of Booking.
· 10 % of Basic amount within 4 months of Booking.
· 10 % of Basic amount on Excavation.

They are collecting 40% of basic amount before the excavation?
How much will be their investment into the project?
At what stage of development will they ask to bank for finances?

5.Loading on super area.

There is loading of 20% in the super area - as I was told by the broker but my calculation shows loading of 38%.

6. Construction of yamuna express way.

The whole story started with this only, the land on which they are building the Project was allotted by the government as a payment of much hyped Yamuna Express Way – to connect Greater Noida to Agra – the project was launched in April 2001 and it was about to complete in 4 years, But it has constructed only 25 Km out of 215 Km. in 9 years.

Are they liable to construct on the land, they are given as a payment of Express way which is not even 50% completed?

What if government asks to stop this project in mid way?

Who will be responsible for the money of customers? Brokers who are indulge in the deal or the company which is indirectly collecting money from the market?