Since a long time now, Jaypee is not running on very good terms for home buyers and the civic authorities. The reputed company has made a terrible track record of either not delivering the projects of buyers on the promised time or for illegally taking 90% of the total cost of the flat as just the booking amount. However, this time it is said that they have crossed limits by keeping the flats for sale in Greater Noida in areas which has not yet been allotted to them. The Yamuna Expressway Industrial Development Authority (YEIDA) has said that they have sold five housing projects in Sports City East of Yamuna Expressway but they never made sure to approve their plans from the authority. Therefore the YEIDA has strictly cancelled all the five projects which were still under development.
A local real estate broker who works as an active real estate broker in the Yamuna Expressway region said that Jaypee has crossed its limits with their new cheat. He added that the land where the projects are planned was the land which was allotted to Jaypee free of cost for the development of Yamuna Expressway but the company made a fool of 250 home buyers by selling the property based on lies and false demands.
When it comes to YEIDA, the chief executive officer, Arun Vir Singh said that the authority has strictly cancelled all the five projects as Jaypee sold these flats on false statements and without even getting the plan approved first. He added that they got the information about the fraud as some of the interested home buyers came to seek information about the same project. The authority also demanded Jaypee to provide them with a detailed list of the people which got targeted in the fraud.