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Suraksha Group has completed nearly 6,000 homes at Jaypee Infratech's Wish Town township in Noida, marking a major milestone after taking over the stalled projects through the insolvency process in 2024. The developer has finished construction of 5,989 residential units across 63 towers. Occupancy Certificates have already been received for 31 towers covering over 3,100 homes, while applications for the remaining towers are under process. The company has committed to completing around 20,000 delayed homes across Jaypee projects within four years. The progress brings relief to long-waiting homebuyers and signals steady revival of one of NCR's largest stalled residential developments under the resolution framework.
Realty firm Suraksha Group on Monday said it has completed construction of nearly 6,000 residential units across 63 towers in Noida, marking a key milestone after acquiring Jaypee Infratech Ltd (JIL) through the insolvency resolution process in 2024. Advertisement
Mumbai-based Suraksha Group had committed, under its approved resolution plan, to complete around 20,000 stalled homes across multiple Jaypee projects and hand over possession to long-waiting homebuyers. The latest update relates to work completed at the JIL Wish Town township in Uttar Pradesh.
In a statement, the company said construction has been completed for 5,989 units spread across 63 residential towers. Out of these, Occupancy Certificates (OCs) have already been secured for 31 towers comprising 3,135 units, enabling the next steps towards possession.
Suraksha Group has also applied for Occupancy Certificates for an additional 32 towers, covering 2,854 units. These towers are part of projects such as Kosmos, Klassic, Kensington Boulevard Apartments, Kensington Park Apartments, Kensington Park Heights, and Pebble Court. The company said it expects to receive OCs for these towers over the next couple of months.
Jash Panchamia, Executive Director of Jaypee Infratech, said construction progress has continued despite challenges posed by restrictions on building activity during winter months due to the Graded Response Action Plan (GRAP) norms. He added that work on the remaining towers is progressing steadily and the company remains focused on meeting the timelines outlined in the resolution plan.
Suraksha Group took control of Jaypee Infratech on June 4, 2024, following a decision by the National Company Law Appellate Tribunal (NCLAT), which upheld its bid for the company. The acquisition brought an end to a long insolvency process that had left thousands of homebuyers awaiting completion of their homes.
The Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech was initiated in August 2017 after an application filed by a consortium of lenders led by IDBI Bank. The National Company Law Tribunal (NCLT) approved Suraksha Group's resolution plan on March 7, 2023.
Under the final plan, Suraksha Group offered lenders more than 2,500 acres of land and nearly INR 1,300 crore through the issuance of non-convertible debentures. The group also committed to completing all stalled residential projects over a four-year period, providing long-awaited relief to affected homebuyers.
The latest construction milestone is expected to bring renewed confidence among buyers and stakeholders as work continues across the remaining projects.
Source: PTI
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