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Time of India
25-04-2025
- Business
- Time of India
Suraksha Group-led Jaypee Infratech to invest Rs 6,000 crore to complete 20,000 housing units over 3 years
JIL CEO Abhijit Gohil affirmed their commitment to the timeline specified in the resolution plan. (AI image) Suraksha Group -led Jaypee Infratech has announced plans to invest approximately Rs 6,000 crore in the next three years to complete pending housing projects. The company aims to deliver 20,000 units and has committed to meeting the deadlines outlined in the approved resolution plan. Following its takeover in June last year, Suraksha Group established a three-member board, with promoter Sudhir V Valia joining as a non-executive director. The acquisition was finalised after the NCLAT's ruling on May 24 last year, which endorsed Suraksha Group's bid for Jaypee Infratech Ltd (JIL). The tribunal instructed Suraksha Group to provide an additional Rs 1,334 crore to YEIDA as compensation for farmers. JIL CEO Abhijit Gohil affirmed their commitment to the timeline specified in the resolution plan. The company must complete roughly 20,000 homes within 40 months, beginning August 2024. The company organised a webinar on Thursday morning to update homebuyers about developments since Suraksha Group's acquisition. The session attracted approximately 800 homebuyers. The project involves completing 159 towers with 16,500 units in Wishtown township, Noida, Uttar Pradesh. Of these, 62 towers require only finishing work, whilst 97 towers need substantial construction work. The company has engaged more than 20 contractors for project completion. Currently, 3,200 labourers are working on-site, with plans to increase this number progressively. The CEO reported that occupation certificates have been secured for 22 towers, initiating the handover process. Applications for OCs have been submitted for 12 additional towers, with plans to apply for 18 more towers in early June. Regarding finances, JIL's Executive Director Jash Panchamia confirmed the total construction cost estimate of Rs 6,000 crore, with access to a Rs 3,000 crore credit line for construction expenses. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Time of India
25-04-2025
- Business
- Time of India
Jaypee Infratech to invest Rs 6,000 crore to complete 20,000 homes in three years
NEW DELHI: Suraksha Group-controlled Jaypee Infratech on Thursday said it will invest around Rs 6,000 crore over the next three years to complete stalled housing projects, comprising 20,000 units, and assured homebuyers that it would adhere to the deadline promised in the approved resolution plan. In June last year, Mumbai-based Suraksha Group took control of Jaypee Infratech Ltd (JIL) by constituting a three-member board. Sudhir V Valia, promoter of Suraksha Group, was appointed as a non-executive director on the JIL board. The takeover followed the insolvency appellate tribunal NCLAT decision on May 24 last year, upholding Suraksha Group's bid to acquire JIL. The NCLAT had directed Suraksha Group to pay an additional Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation. In a press conference held at Noida , JIL CEO Abhijit Gohil said, "We want to assure homebuyers that we will abide by whatever timeline we have committed in the resolution plan". JIL has to complete around 20,000 homes in 40 months, starting from August 2024. Gohil said the company also held a webinar on Thursday morning to give an update to homebuyers about the progress made in the last 10 months after the takeover of JIL by the Suraksha Group. Around 800 homebuyers participated in the webinar. JIL has to complete 159 towers comprising 16,500 units in Wishtown township at Noida, Uttar Pradesh. Out of these 159 towers, the company has to do only finishing work in 62 towers. In the remaining 97 towers, a lot of construction work is left. More than 20 contractors have been awarded work to complete these projects. Around 3,200 labourers are working on the sites, and the numbers would go up gradually, the CEO said. Gohil said the company has already obtained occupation certificates (OCs) for 22 towers, and the handover process has started. For another 12 towers, the OCs have been applied and the company will apply for OCs in 18 towers in early June. Asked about the investment, JIL's Executive Director Jash Panchamia said the total construction cost is estimated at around Rs 6,000 crore. He said the company has a credit line of Rs 3,000 crore to meet the construction cost. Panchamia said the company's cash flow position is healthy. It has around Rs 400 crore of revenue from the toll of Yamuna Expressway that connects Greater Noida to Agra. The company also has receivables from the sold units. That apart, he said the JIL has around 1,100 unsold homes in Wishtown township, which will be launched in the next 3 months. JIL has received re-validation of RERA registration for seven stalled real estate projects, comprising more than 10,000 units, in Delhi-NCR. This will enable the company to expedite construction work and give possession of properties to aggrieved homebuyers. It hopes to get RERA for 6 more projects soon. The Corporate Insolvency Resolution Process (CIRP) against JIL began in August 2017, initiated by the IDBI Bank-led consortium. On March 7, 2023, the National Company Law Tribunal (NCLT) approved the bid from Suraksha Group to buy JIL. In May 2024, the National Company Law Appellate Tribunal (NCLAT) approved the resolution of Suraksha Group. After taking control of the JIL, Suraksha Group infused Rs 125 crore funds as promised in the resolution plan. In its final resolution plan, Suraksha Group offered to bankers more than 2,500 acres of land and nearly Rs 1,300 crore by way of issuing non-convertible debentures. The NCLAT had directed Suraksha Group to pay an additional Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation. The authority has filed a petition in the Supreme Court, seeking more funds for farmers' compensation. Lenders of Jaypee Infratech had submitted a claim of Rs 9,783 crore.
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Business Standard
24-04-2025
- Business
- Business Standard
Jaypee Infratech to invest Rs 6,000 cr to finish 20,000 homes in 3 years
Suraksha Group-controlled Jaypee Infratech on Thursday said it will invest around Rs 6,000 crore over the next three years to complete stalled housing projects, comprising 20,000 units, and assured homebuyers that it would adhere to the deadline promised in the approved resolution plan. In June last year, Mumbai-based Suraksha Group took control of Jaypee Infratech Ltd (JIL) by constituting a three-member board. Sudhir V Valia, promoter of Suraksha Group, was appointed as a non-executive director on the JIL board. The takeover followed the insolvency appellate tribunal NCLAT decision on May 24 last year, upholding Suraksha Group's bid to acquire JIL. The NCLAT had directed Suraksha Group to pay an additional Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation. In a press conference held at Noida, JIL CEO Abhijit Gohil said, "We want to assure homebuyers that we will abide by whatever timeline we have committed in the resolution plan". JIL has to complete around 20,000 homes in 40 months, starting from August 2024. Gohil said the company also held a webinar on Thursday morning to give an update to homebuyers about the progress made in the last 10 months after the takeover of JIL by the Suraksha Group. Around 800 homebuyers participated in the webinar. JIL has to complete 159 towers comprising 16,500 units in Wishtown township at Noida, Uttar Pradesh. Out of these 159 towers, the company has to do only finishing work in 62 towers. In the remaining 97 towers, a lot of construction work is left. More than 20 contractors have been awarded work to complete these projects. Around 3,200 labourers are working on the sites, and the numbers would go up gradually, the CEO said. Gohil said the company has already obtained occupation certificates (OCs) for 22 towers, and the handover process has started. For another 12 towers, the OCs have been applied and the company will apply for OCs in 18 towers in early June. Asked about the investment, JIL's Executive Director Jash Panchamia said the total construction cost is estimated at around Rs 6,000 crore. He said the company has a credit line of Rs 3,000 crore to meet the construction cost. Panchamia said the company's cash flow position is healthy. It has around Rs 400 crore of revenue from the toll of Yamuna Expressway that connects Greater Noida to Agra. The company also has receivables from the sold units. That apart, he said the JIL has around 1,100 unsold homes in Wishtown township, which will be launched in the next 3 months. JIL has received re-validation of RERA registration for seven stalled real estate projects, comprising more than 10,000 units, in Delhi-NCR. This will enable the company to expedite construction work and give possession of properties to aggrieved homebuyers. It hopes to get RERA for 6 more projects soon. The Corporate Insolvency Resolution Process (CIRP) against JIL began in August 2017, initiated by the IDBI Bank-led consortium. On March 7, 2023, the National Company Law Tribunal (NCLT) approved the bid from Suraksha Group to buy JIL. In May 2024, the National Company Law Appellate Tribunal (NCLAT) approved the resolution of Suraksha Group. After taking control of the JIL, Suraksha Group infused Rs 125 crore funds as promised in the resolution plan. In its final resolution plan, Suraksha Group offered to bankers more than 2,500 acres of land and nearly Rs 1,300 crore by way of issuing non-convertible debentures. The NCLAT had directed Suraksha Group to pay an additional Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation. The authority has filed a petition in the Supreme Court, seeking more funds for farmers' compensation. Lenders of Jaypee Infratech had submitted a claim of Rs 9,783 crore.
