Suraksha Group completes 6K units in 63 stalled housing towers at Jaypee Wish Town, Noida

New Delhi, Jan 12 (PTI) Realty firm Suraksha Group, which acquired Jaypee Infratech Ltd (JIL) in 2024 through insolvency process, on Monday said it has completed construction work of nearly 6,000 units across 63 residential towers in Noida.

Mumbai-based Suraksha Group, in its final resolution plan, promised to complete around 20,000 homes across various stuck residential projects and then offer possession to distressed homebuyers.

In a statement, the company said it has completed construction of 5,989 units across 63 towers in 'JIL Wish Town' township in Noida, Uttar Pradesh.

"The company has already secured Occupancy Certificates (OCs) for 31 towers comprising 3,135 units," it added.

Suraksha Group has applied for OCs of additional 32 towers of Kosmos, Klassic, Kensington Boulevard Apartments, Kensington Park Apartments, Kensington Park Heights and Pebble Court. These 32 towers have a total of 2,854 units.

The company expects to receive Occupancy Certificates for 32 towers over the next couple of months.

Jash Panchamia, Executive Director of Jaypee Infratech, said, "Despite crippling restrictions imposed on construction activities due to GRAP rules during winter months every year, we remain fully committed to fulfilling our customers’ expectations and are working tirelessly to deliver as per the timeline outlined in the resolution plan." For the remaining towers, he said the construction is going on in full swing. The company expressed confidence in delivering these towers as per the resolution plan.

On June 4, 2024, Suraksha Group took control of JIL following the insolvency appellate tribunal NCLAT decision upholding its bid to acquire JIL.

The Corporate Insolvency Resolution Process (CIRP) against JIL was started in August 2017, over an application by the IDBI Bank-led consortium.

On March 7, 2023, the National Company Law Tribunal (NCLT) approved the bid of the Suraksha group to buy JIL.

In its final resolution plan, the Suraksha group offered to bankers more than 2,500 acres of land and nearly Rs 1,300 crore by way of issuing non-convertible debentures. It also proposed to complete all stalled projects over the next four years. PTI MJH MJH DR DR