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Hindustan Times
25-04-2025
- Business
- Hindustan Times
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.
Time of India
24-04-2025
- Business
- Time of India
Suraksha Group shares Jaypee Wish Town status, pushes deadline to Dec 2028
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. Tired of too many ads? go ad free now 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." Tired of too many ads? go ad free now 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.
