Suraksha Group To Invest Rs 5,500 Crore To Complete 20,000 Jaypee Homes: Report

The Suraksha Group will put Rs 5,500 crore to complete astir 20,000 homes, pinch a target to present each units by 2027. According to Abhijit Gohil, CEO of Jaypee Infratech, building activity has commenced, and nan institution is committed to ensuring timely delivery. 

According to a study successful The Economic Times, nan task involves nan completion of 159 residential towers, pinch occupancy certificates already obtained for 22 towers. Applications for occupancy certificates for an further 12 towers person been submitted, and by early June, applications for 18 much towers will beryllium filed. 

By nan extremity of this year, 62 towers are expected to beryllium delivered, pinch nan remaining 97 towers scheduled for completion complete nan adjacent 40 months, arsenic per nan financial daily. 

Despite first delays owed to aggregate reasons, including GRAP orders, contracts person been awarded to astir contractors antecedently associated pinch JAL. The institution has received support from nan Real Estate Regulatory Authority (RERA) for astir projects and plans to motorboat nan waste of 1,100 unsold units soon. 

As per nan report, of nan Rs 5,500 crore required for construction, nan group has secured a in installments statement of Rs 3,000 crore from various lenders and has invested Rs 125 crore arsenic equity. Additionally, nan institution plans to waste 2.4 cardinal sq ft to make cash. It has already raised Rs 600 crore from infirmary income and receives Rs 500 crore annually from nan Yamuna Expressway toll. Furthermore, Rs 1,200 crore is expected from buyers who person already purchased properties.

On May 24, 2024, nan National Company Law Appellate Tribunal (NCLAT) approved Suraksha's solution plan, directing nan institution to compensate YEIDA pinch Rs 1,335 crore complete 4 years. Homebuyers of Jaypee Wishtown, Noida, person faced complete a decade-long struggle to unafraid their homes, incurring expenses double nan magnitude paid to Jaypee Group owed to liking and rent. 

Since 2014, Jaypee has not progressed connected astir 100 towers, and delivered flats person not met promised value and amenities.

Jaypee Infratech, a existent property and infrastructure company, was among nan first 12 entities referred to nan NCLT successful August 2017 nether nan Insolvency and Bankruptcy Code (IBC). 

Published on: Apr 25, 2025 10:00 AM IST