New Delhi: State-owned NBCC, which is in the race to acquire Jaypee Infratech Ltd (JIL), on Sunday assured stuck homebuyers that its bid is concrete, fully backed by the government and the PSU will complete over 20,000 pending flats on time as per the schedule.
A day before the start of the voting process, the two contenders NBCC and Suraksha held separate webinars on Sunday with hundreds of homebuyers to explain their resolution plans and address doubts of flat owners. In the webinar, NBCC expressed confidence that it will get approval from Yamuna Expressway Industrial Development Authority (YEIDA) to hive off Yamuna Expressway to a Special Purpose Vehicle (SPV) and the transfer of 90 per cent stake to bankers.
NBCC CMD P K Gupta said the company has improved its plan compared with its 2019 bid, by making provisions of 100 acre land for delayed penalty.
Gupta said there is no question of failure in case of the NBCC, which he said has the support from the government.
"Our plan is very concrete and everything is very clear. We cannot hide anything. We have tried to improve the plan from the last time," Gupta said. "We get support from the government and we are responsible to the government," he asserted.
The NBCC CMD said that tower-wise delivery schedules have been provided in the bid.
Stating that NBCC has a major presence in the Delhi-NCR market, Gupta said: "In no time we can mobilise technical and financial resources to start the projects." He said there is no additional burden on the homebuyers in its resolution plans. "If we are not able to sell the land, we will still be able to complete their projects."
NBCC's Senior Executive Director (Project) Yogesh Sharma said the NBCC has put a bid to acquire JIL, with "full backing of the government." He said the 70 per cent of the pending flats will be completed over the next two and a half years.
Sharma expressed confidence that bankers will support its bid as they did in 2019. He said the company is offering Rs 8,700 crore to banks as against the claim of Rs 9,782 crore.
"Jaypee infra will become a subsidiary. There is no question that NBCC will not come in with resources," he said while answering a query whether NBCC would infuse funds in case of shortfall.
On concerns raised by homebuyers that NBCC bid is non-compliant because of lack of approval of YEIDA for transfer of Expressway to bankers, Sharma said: "We are 2000 per cent confirmed that YEIDA will give the permission."
"I don't know why everyone is worried," he said, adding that the company would seek approval of YEIDA after it wins in the bidding process.
NBCC's Chief General Manager (Finance) V K Choudhary also addressed various concerns of the homebuyers and urged them to vote for its bid. In its final bid, NBCC has offered 1,903 acre land to bankers and 90 per cent stake in Yamuna Expressway but will also take a debt of around Rs 2,000 crore against the road project.