Suraksha Group Completes 5,989 Housing Units at Jaypee Wish Town, Noida

Mumbai-based real estate firm Suraksha Group, which took over Jaypee Infratech Limited (JIL) in 2024 through an insolvency process, announced on January 12 that it has completed construction of 5,989 housing units across various projects at JIL Wish Town in Noida. The company has secured occupancy certificates (OCs) for 31 towers comprising 3,135 units and has applied for OCs for an additional 32 towers, which have a total of 2,854 units.

In a statement, the company detailed that it has completed construction of 5,989 units across 63 towers in the 'JIL Wish Town' township in Noida, Uttar Pradesh. The company has already secured OCs for 31 towers, and it is confident of receiving OCs for the remaining 32 towers over the next couple of months.

The Suraksha Group, in its final resolution plan, had committed to completing around 20,000 homes across various stuck residential projects and then offering possession to distressed homebuyers. Despite the challenges posed by the Graded Response Action Plan (GRAP) rules, which impose restrictions on construction activities during winter months, the company remains fully committed to fulfilling its customers' expectations.

Jash Panchamia, Executive Director of Jaypee Infratech Limited, stated, “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. Our dedication is evidenced by the completion of 63 towers, with Occupation Certificates (OCs) already received for 31 towers and applications submitted for 32 additional towers. For the remaining towers, construction is going on in full swing and we are confident of delivering these towers as per the resolution plan.”

In June 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 initiated in August 2017, over an application by the IDBI Bank-led consortium. In March 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 had offered to bankers more than 2,500 acres of land and nearly ₹1,300 crore by way of issuing non-convertible debentures. The company plans to invest ₹5,500 crore to complete the 20,000 delayed housing units within three years, providing fresh hope for homebuyers who have been waiting for their properties for years.