Suraksha Group to infuse ₹5,500 cr in 3 years to deliver Jaypee projects in Noida
The Suraksha Group on April 24 said it will infuse ₹5,500 crore in the next three years to finish and deliver the stalled housing projects of Jaypee Infrastructure Limited according to the approved resolution plan.
The Suraksha Group shared these details with the media 14 days after homebuyers staged a protest against the company. The buyers are also planning a protest against the company if they will not resume the work at the site alleging the work has not started at the site. However, the Suraksha group claimed otherwise, and said that they have deployed additional workers to deliver the project according to timelines.
The disgruntled homebuyers, on March 10, 2025, staged a protest over the sluggish pace of construction despite the resolution plan being approved by NCLAT nearly 10 months ago.
Suraksha Group, which took over JIL in March 2023 after a prolonged insolvency process, has now released the timeline for completion of the remaining towers, with possession deadlines stretching from June 2026 to December 2028. The projects include Pebble Court, Kosmos, Klassic, Kasa Isles, Kensington Boulevard, Kube, Wish Point, Orchards, Krescent Homes, and Garden Isles.
The Mumbai-based company said despite initial hurdles in mobilisation and regulatory setbacks such as Grap (Graded Response Action Plan) restrictions, the company has reiterated its commitment to the court-mandated timelines. 'Despite loss of a few months due to delays in the installation of tower cranes and Grap orders, we are still on track to complete the projects within the stipulated timelines,' said Abhijit Gohil, CEO of Jaypee Infratech Ltd.
'We have awarded contracts for all the towers and most of the contractors are those who previously worked with Jaypee Associates, ensuring continuity and familiarity with the project's design and layout.'
'We have made substantial progress. So far, Occupancy Certificates (OC) for 22 towers have been received, and we have applied for OCs of 12 more towers. We aim to obtain OCs for 18 more towers by the first week of June and plan to file for 10 more within this calendar year,' said Executive director Jash Panchamia.
However, the road to revival has been rocky. As per the resolution plan, construction was expected to resume within 90 days of the 'approval date'—marked by the NCLAT order dated May 24, 2024, which upheld NCLT's earlier verdict.
But homebuyers allege that even 10 months after the approval, actual on-ground work remains negligible in many of the stalled towers. In their view, Suraksha's announcement came only after their protest drew attention to the delay.
At the time of the takeover, construction was active in 62 towers involving over 6200 homebuyers, while 97 others remained stalled or had not commenced, impacting over 10,500 families. Some structures, launched as early as 2010-11 and initially promised by 2014-15, had been abandoned for nearly a decade.
The company says it has ramped up labour deployment from just 555 workers in December 2024 to over 3,200 at present, and crane replacements, and rectification work are in full swing. A total of 1,149 registries have been done since mid-2024.
Meanwhile, extensions for several towers are still awaited from UPRERA, with approvals expected by May 2025 for projects like Klassic A (Phase II), Kosmos B (Phase II), Kensington Park Apartments, Garden Isles, Kube, and Orchards.
The NCLAT in May 2024 had also directed Suraksha to pay an additional ₹1,335 crore to the Yamuna Expressway Industrial Development Authority (YEIDA) for farmers' compensation—significantly more than the earlier ₹10 lakh decided under the resolution plan. Panchamia said they have already released ₹70 crore to YEIDA in this regard.
'The claim made by the Suraksha management today felt like nothing more than an eyewash for the homebuyers. If the contracts were always intended to be awarded to the same contractors who previously worked under JAL, then what explains the prolonged delays? This either points to a failure in finding new contractors or issues with due diligence, especially since some contractors have been removed or have walked away. Despite Suraksha's claims that contracts have now been awarded and that work will progress as per the resolution plan timelines, there is still no construction schedule being shared with the homebuyers. This lack of transparency raises serious concerns as even the elected representatives of homebuyers are not aware of the same,' said Ashish Mohan Gupta president - JIL Real Estate Allottees Welfare Society.
'The Occupancy Certificates (OCs) for 22 towers were either applied for or obtained during the tenure of the Interim Monitoring Committee (IMC). Suraksha cannot take credit for this progress. In fact, OCs for three towers, applied in June 2024, are still pending. There is also no official report shared with homebuyers confirming that rectifications recommended in the structural audits have been implemented as per required safety norms,' said Gupta.
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