Suraksha Group to invest Rs 5,500 crore in the completion of Jaypee project
The
Suraksha Group
will invest Rs 5,500 crore in the completion of about 20,000 homes and expects to deliver all the homes by 2027, a senior executive said.
The company said it has already started the construction work and will focus on timely delivery.
'Overall, 159 residential towers are to be completed, and we have already received occupancy certificates for 22 towers. We have applied OC for another 12 towers, and by the first week of June, OC will be applied for 18 more towers. By the end of this year, we will deliver 62 towers, while the remaining 97 towers will be delivered over a period of 40 months,' said Abhijit Gohil, CEO of
Jaypee Infratech
.
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Despite the loss of a few months in the mobilisation and installation of cranes and then the GRAP order, it has awarded contracts for all the towers to most of the contractors who were working for JAL.
The company said it has also received approval from the Real Estate Regulatory Authority (RERA) for the majority of the projects and will soon launch the sale of 1,100 unsold units as well.
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Of the Rs 5,500 crore required for the construction, the group has a credit line from different lenders of Rs 3,000 crore, and it has already put Rs 125 crore as equity. It will also sell 2.4 million sq ft to generate cash.
It has generated Rs 600 crore from the sale of hospitals, and another Rs 500 crore comes annually through the toll at Yamuna Expressway. The company will also receive Rs 1,200 crore from buyers, who have already bought the property.
'We had filed 16 RERA applications, of which we have received approval for 7, while in 3, closure has been filed. For the balance six, we are expected to receive approval in the next hearing,' Gohil said.
On May 24, 2024, the National Company Law Appellate Tribunal (NCLAT) approved Suraksha's resolution plan, directing the company to compensate YEIDA with Rs 1,335 crore over the next four years for the benefit of farmers.
Suraksha's plan, submitted to the bankruptcy court in April, originally proposed Rs 1,216 crore in enhanced compensation, with payments structured as 10% within 90 days, 15% by the end of the first year, and 25% annually over the next three years.
According to homebuyers, 20,000 families of Jaypee Wishtown, Noida, have been struggling for more than the last 10 years to get their dream house.
Each homebuyer has incurred expenses twice the amount paid to Jaypee Group for their home by way of interest and rent in these 10 years. Since 2014, Jaypee has not laid a single brick in approximately 100 towers.
The delivered flats are also below the standard quality and amenities promised by them at the time of booking and have not been provided.
Jaypee Infratech, a real estate and infrastructure company, was among the initial 12 entities the central bank had referred to the NCLT in August 2017 under the Insolvency and Bankruptcy Code (IBC).
The petition from lead lender
IDBI Bank
was admitted more than five years ago, and since then, the resolution has seen four rounds of bidding and various litigations frustrating both lenders and home buyers. The projects include multiple residential towers in Noida and Mirzapur.
In June 2021, the CoC, through a court-monitored process, finally approved SurakshaARC's bid to take over the distressed borrower.
Jaypee Infratech owes IDBI Bank,
ICICI Bank
, IFCI, the
State Bank of India
(SBI), and homebuyers a total of Rs 22,600 crore. Homebuyers have advanced Rs 12,714 crore, or 55% of the debt, while lenders have 43%, or Rs 9,234 crore, of the debt.
Earlier, banks led by IDBI sold their debt to the NARCL, marking the first acquisition for the government-backed bad loan aggregator. The NARCL had offered Rs 3,570 crore—the biggest to date by a government-backed bad bank.
Suraksha's revised resolution plan increased the aggregate offer to institutional financial creditors by Rs 1,298 crore, expanding the total offer to Rs 7,736 crore. The other contender was NBCC.
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