Suraksha Group shares Jaypee Wish Town status, pushes deadline to Dec 2028

Time of India

24-04-2025

Noida:
Suraksha Group
has pushed the possession deadline for various residential units in the under-construction towers at
Jaypee Wish Town
, a project it has taken over, from June 2026 to Dec 2028.
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The company claimed that over 3,200 labourers are currently working on multiple towers.
Amid growing pressure from around 17,000
homebuyers
, who have waited more than a decade for their flats, the group on Thursday shared a detailed construction and possession schedule.
Suraksha Group's resolution plan for beleaguered
Ltd (JIL) was approved by
NCLT
in March 2023 following a prolonged insolvency process. The National Company Law Appellate Tribunal (NCLAT) upheld the decision last May.
However, allottees had accused the group for sluggish pace of construction and staged a protest earlier this month.
According to the timeline, Pebble Court will be the first project to be completed by June 2026, followed by Kensington Park by Sept 2026, Kosmos by Oct 2026, Klassic by Nov 2026, Kasa Isles by March 2027, Kensington Boulevard by June 2027, Kube by Jan 2028, Wish Point by June 2028, Orchard by Aug 2028 and Garden Isles and Krescent Homes by Dec 2028.
Some of these projects are awaiting RERA extensions, which the company expects by May 2025.
Despite initial setbacks, Suraksha said it was committed to meeting court-mandated deadlines. "Despite losing a few months due to delays in tower crane installations and GRAP orders, we are still on track," said Abhijit Gohil, CEO of Jaypee Infratech Ltd. "We have awarded contracts for all towers, most of which have gone to contractors who previously worked with Jaypee Associates, ensuring continuity and familiarity with the project layout."
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The company claimed to have completed 1,149 property registries since mid-2024. Executive Director Jash Panchamia said occupancy certificates (OCs) have been received for 22 towers and applications have been filed for 12 more. "We aim to secure OCs for another 18 towers by the first week of June and plan to apply for 10 more this year," he said.
Despite assurances, allottees claim that progress remains negligible across many stalled towers.
Ashish Mohan Gupta, president of the JIL Real Estate Allottees Welfare Society (JREAWS), which led the recent agitation, said, "Suraksha's claims appear to be more of an eyewash than a genuine update. If they always intended to work with the same contractors, what caused the prolonged delay? Till now, no comprehensive construction schedule has been shared with homebuyers, and even elected representatives are unaware of the actual timelines.
This lack of transparency is deeply concerning."
According to the approved resolution plan, construction was supposed to resume within 90 days of the NCLAT order dated May 24, 2024.
Gupta said the OCs for 22 towers were largely obtained or applied for during the Interim Monitoring Committee's tenure, not Suraksha's. "In fact, OCs for three towers applied in June 2024 are still pending," he added.
Gupta said in response to JREAWS' application before the NCLT on April 18, Suraksha cited 2,000 workers on-site.
"Now, that number has suddenly jumped to 3,200," he added.
The residential projects, launched in 2010-11, were to be delivered by 2014-15. After a protracted legal battle, NCLT approved Suraksha's bid to acquire the debt-ridden Jaypee Infratech Ltd (JIL) on March 7, 2023. At the time, construction was going on in 62 towers of the four Wish Town projects—Kosmos, Klassic, Kensington Boulevard, and Kensington Park Apartments and Heights —affecting over 6,200 homebuyers.
Work was stalled or yet to begin in 15 other towers of the four projects and 82 towers across six condominiums—Garden Isles, Krescent Homes, Kasa Isles, Orchards, Kube, and Pebble Court—affecting 10,500 homebuyers. Some of the towers were abandoned for nearly eight years.