17,000 wish town flats delayed, YEIDA serves notice to Suraksha realty
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The notice - which outlines 14 critical issues - has sought a response from Suraksha within seven days. It was issued after homebuyers associated with JIL Real Estate Allottees Welfare Society (JREAWS) alleged that Suraksha Realty had failed to adhere to the resolution plan approved by the National Company Law Tribunal (NCLT) in March 2023 and upheld by the National Company Law Appellate Tribunal (NCLAT) in May 2024.
Despite taking over the project more than a year ago, construction progress has been negligible, with many sites either stalled or advancing at a snail's pace, the buyers alleged.
Buyers raised serious concerns about multiple breaches of the resolution plan. These included the failure to deploy the required 12,000 labourers - with only about 5,000 reportedly on site at the moment - and non-infusion of the promised Rs 3,000 crore within the stipulated 90 days.
Additionally, the exit of key officials has left the management team unresponsive, they said. Other grievances included inadequate communication channels, legal intimidation of protesting homebuyers, and the non-compliance with UP-Rera timelines, with some projects pending for more than two years since approval.
Suraksha Realty has also been accused of using a pending Supreme Court case with YEIDA as an excuse to delay payments for additional farmers' compensation, despite no such stay on the NCLAT's order.
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Allegations of deferred amenities, potential funds diversion following ED raids and failure to share structural audit reports have also fuelled dissatisfaction among buyers.
JREAWS has called for the formation of a high-level monitoring committee to oversee the implementation of the resolution plan, urging YEIDA to ensure transparency through mandatory monthly meetings between buyer representatives, Authority officials, and the developer.
They insisted that if these issues remained unaddressed, the situation could escalate into a broader social and legal crisis, affecting not only buyers in Wish Town but also around 2,000 others in projects near the Yamuna Expressway in Mirzapur and Agra. Ashish Mohan Gupta, the JREAWS president, explained the gravity of the situation. "We welcome YEIDA's intervention, but time is running out. Suraksha Realty must stop hiding behind excuses and start delivering homes now.
Every day of inaction deepens the injustice to homebuyers," he added.
In April, Suraksha Realty outlined a construction schedule for JIL's pending projects, with completion dates stretching from June 2026 to Dec 2028. The company claimed commitment to court-mandated deadlines, despite setbacks due to delays in tower crane installation and GRAP restrictions.
Suraksha asserted that the project has seen some progress, including 1,149 property registrations and occupancy certificates for 22 towers.
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