Latest news with #SurakshaRealty
Time of India
4 days ago
- Business
- Time of India
17,000 wish town flats delayed, YEIDA serves notice to Suraksha realty
NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) has issued a notice to Suraksha Realty, which has taken over the responsibility of completing 17,000 flats in Jaypee Wish Town, demanding explanation for prolonged delays in resuming full-fledged construction. Tired of too many ads? go ad free now The notice - which outlines 14 critical issues - has sought a response from Suraksha within seven days. It was issued after homebuyers associated with JIL Real Estate Allottees Welfare Society (JREAWS) alleged that Suraksha Realty had failed to adhere to the resolution plan approved by the National Company Law Tribunal (NCLT) in March 2023 and upheld by the National Company Law Appellate Tribunal (NCLAT) in May 2024. Despite taking over the project more than a year ago, construction progress has been negligible, with many sites either stalled or advancing at a snail's pace, the buyers alleged. Buyers raised serious concerns about multiple breaches of the resolution plan. These included the failure to deploy the required 12,000 labourers - with only about 5,000 reportedly on site at the moment - and non-infusion of the promised Rs 3,000 crore within the stipulated 90 days. Additionally, the exit of key officials has left the management team unresponsive, they said. Other grievances included inadequate communication channels, legal intimidation of protesting homebuyers, and the non-compliance with UP-Rera timelines, with some projects pending for more than two years since approval. Suraksha Realty has also been accused of using a pending Supreme Court case with YEIDA as an excuse to delay payments for additional farmers' compensation, despite no such stay on the NCLAT's order. Tired of too many ads? go ad free now Allegations of deferred amenities, potential funds diversion following ED raids and failure to share structural audit reports have also fuelled dissatisfaction among buyers. JREAWS has called for the formation of a high-level monitoring committee to oversee the implementation of the resolution plan, urging YEIDA to ensure transparency through mandatory monthly meetings between buyer representatives, Authority officials, and the developer. They insisted that if these issues remained unaddressed, the situation could escalate into a broader social and legal crisis, affecting not only buyers in Wish Town but also around 2,000 others in projects near the Yamuna Expressway in Mirzapur and Agra. Ashish Mohan Gupta, the JREAWS president, explained the gravity of the situation. "We welcome YEIDA's intervention, but time is running out. Suraksha Realty must stop hiding behind excuses and start delivering homes now. Every day of inaction deepens the injustice to homebuyers," he added. In April, Suraksha Realty outlined a construction schedule for JIL's pending projects, with completion dates stretching from June 2026 to Dec 2028. The company claimed commitment to court-mandated deadlines, despite setbacks due to delays in tower crane installation and GRAP restrictions. Suraksha asserted that the project has seen some progress, including 1,149 property registrations and occupancy certificates for 22 towers.
Time of India
24-05-2025
- Business
- Time of India
ED carries out searches of Delhi-NCR, Mumbai presmises of JIL, JAL & others realty cos
New Delhi: The Enforcement Directorate on Friday carried out searches at 15 premises in Delhi-NCR and Mumbai linked to Jaypee Infratech Ltd (JIL), Jaypee Associates Ltd (JAL) and others in connection with an alleged Rs 12,000-crore fraud, and diversion and siphoning off homebuyers' money. Sources said other associated entities that have been searched include Gaursons, Gulshan, Mahagun and Suraksha Realty, the latter is currently the owner of JIL after winning the bid through insolvency process. The anti-money laundering agency initiated investigation under the PMLA against JIL and JAL based on multiple FIRs registered by the economic offences wing of the Delhi Police and Uttar Pradesh Police on complaints filed by hundreds of homebuyers of Jaypee Wish Town and other projects of JIL. A senior officer said ED is looking into an alleged "fraud with homebuyers and investors of around Rs 12,000 crore and siphoning off and diversion of funds". The former promoters of JIL and JAL are under the scanner while JIL's present owner Suraksha Realty could provide documents available with the company as it is under its control now. When contacted, a spokesperson for Suraksha told TOI that "it is a mistaken identity as we have not done any sale or purchase, except construction of the projects". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo He denied that Suraksha was in any way involved in bank borrowings related to the project. There was no response from Manoj Gaur, the former director of JIL. The searches were conducted across Delhi-NCR and Mumbai at offices and residential premises of the accused. The investigation is primarily focused on the alleged frauds by promoters of Jaypee Wish Town, who began selling flats in 2010-11 and were to deliver these within three years. In 2017, several FIRs were filed against the promoters of JIL after homebuyers held demonstrations against police inaction in registering a case against the builder who had collected money from them, and allegedly diverted it to other projects, leading to delay in delivery of thousands of flats. Many of the homebuyers had put their life savings in Jaypee Infratech projects in Wish Town in Noida and other places, the scheduled delivery of which was to begin in 2013-15 but are pending even today. Jaypee Infratech Ltd, now under Suraksha Realty, has pushed the deadline to deliver possession of more than 10,000 flats from June 2026 to Dec 2028. The Mumbai-based realtor had won the project through insolvency in 2023, and its project deadlines started from May 2024 when the award of JIL was approved by the National Company Law appellate Tribunal. Get the latest lifestyle updates on Times of India, along with Brother's Day wishes , messages and quotes !
Time of India
24-05-2025
- Business
- Time of India
ED conducts searches on 15 premises in Delhi-NCR, Mumbai of Jaypee and other realty firms
NEW DELHI: Enforcement Directorate on Friday carried out searches on 15 premises in Delhi-NCR and Mumbai linked to Jaypee Infratech Ltd (JIL), Jaypee Associates Ltd (JAL) and others in connection with an alleged Rs 12,000-crore fraud, and diversion and siphoning off homebuyers' money. Sources said other associated entities that have been searched include Gaursons, Gulshan, Mahagun and Suraksha Realty, the latter is currently the owner of JIL after winning the bid through insolvency process. The agency initiated investigation under PMLA against JIL and JAL based on multiple FIRs registered by the economic offences wing of Delhi Police and UP Police on complaints filed by hundreds of homebuyers of Jaypee Wish Town and other projects of JIL. A senior officer said ED is looking into an alleged "fraud with homebuyers and investors of around Rs 12,000 crore and siphoning off and diversion of funds". The former promoters of JIL and JAL are under the scanner while JIL's present owner Suraksha Realty could provide documents available with the company as it is under its control now. A spokesperson for Suraksha told TOI that "it is a mistaken identity as we have not done any sale or purchase, except construction of the projects". Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thousands Are Saving Money Using This Wall Plug elecTrick - Save upto 80% on Power Bill Click Here Undo He denied that Suraksha was in any way involved in bank borrowings related to the project. There was no response from Manoj Gaur, the former director of JIL. The investigation is primarily focused on the alleged frauds by promoters of Jaypee Wish Town, who began selling flats in 2010-11 and were to deliver these within three years. In 2017, several FIRs were filed against the promoters of JIL after homebuyers held demonstrations against police inaction in registering a case against the builder who had collected money from them, and allegedly diverted it to other projects, leading to delay in delivery of thousands of flats. Many of the homebuyers had put their life savings in Jaypee Infratech projects in Wish Town in Noida and other places, the scheduled delivery of which was to begin in 2013-15 but are pending even today. Jaypee Infratech Ltd, now under Suraksha Realty, has pushed the deadline to deliver possession of more than 10,000 flats from June 2026 to Dec 2028. The Mumbai-based realtor had won the project through insolvency in 2023, and its project deadlines started from May 2024. Get the latest lifestyle updates on Times of India, along with Brother's Day wishes , messages and quotes !
Time of India
23-05-2025
- Business
- Time of India
ED conducts searches on premises of Jaypee and other realty firms
NEW DELHI: Enforcement Directorate on Friday carried out searches on 15 premises in Delhi-NCR and Mumbai linked to Jaypee Infratech Ltd (JIL), Jaypee Associates Ltd (JAL) and others in connection with an alleged Rs 12,000-crore fraud, and diversion and siphoning off homebuyers' money. Sources said other associated entities that have been searched include Gaursons, Gulshan, Mahagun and Suraksha Realty, the latter is currently the owner of JIL after winning the bid through insolvency process. The agency initiated investigation under PMLA against JIL and JAL based on multiple FIRs registered by the economic offences wing of Delhi Police and UP Police on complaints filed by hundreds of homebuyers of Jaypee Wish Town and other projects of JIL. A senior officer said ED is looking into an alleged "fraud with homebuyers and investors of around Rs 12,000 crore and siphoning off and diversion of funds". The former promoters of JIL and JAL are under the scanner while JIL's present owner Suraksha Realty could provide documents available with the company as it is under its control now. A spokesperson for Suraksha told TOI that "it is a mistaken identity as we have not done any sale or purchase, except construction of the projects". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo He denied that Suraksha was in any way involved in bank borrowings related to the project. There was no response from Manoj Gaur, the former director of JIL. The investigation is primarily focused on the alleged frauds by promoters of Jaypee Wish Town, who began selling flats in 2010-11 and were to deliver these within three years. In 2017, several FIRs were filed against the promoters of JIL after homebuyers held demonstrations against police inaction in registering a case against the builder who had collected money from them, and allegedly diverted it to other projects, leading to delay in delivery of thousands of flats. Many of the homebuyers had put their life savings in Jaypee Infratech projects in Wish Town in Noida and other places, the scheduled delivery of which was to begin in 2013-15 but are pending even today. Jaypee Infratech Ltd, now under Suraksha Realty, has pushed the deadline to deliver possession of more than 10,000 flats from June 2026 to Dec 2028. The Mumbai-based realtor had won the project through insolvency in 2023, and its project deadlines started from May 2024.
Time of India
23-05-2025
- Business
- Time of India
ED raids against Jaypee Infratech, others in ₹12,000 crore fraud case
NEW DELHI: The Enforcement Directorate on Friday conducted multiple searches as part of a money laundering probe against Jaypee Infratech , Jaiprakash Associates and some others in a Rs 12,000 crore worth homebuyers "fraud" case, official sources said. The raids are being carried out in Delhi-NCR and Mumbai under the provisions of the Prevention of Money Laundering Act ( PMLA ), they said. The searches are related to Jaypee Infratech, Jaiprakash Associates Limited and others for alleged fraud with homebuyers and investors of around Rs 12,000 crore and linked "diversion" of funds, the sources said. Jaiprakash Associates Ltd, currently facing insolvency proceedings, is into cement, construction, real estate, power and hospitality business among others. Some other real estate companies like Gaursons, Gulshan, Mahagun and Suraksha Realty were also being covered as part of this case, the sources said. Suraksha Realty has acquired Jaypee Infratech Ltd through insolvency to complete stalled housing projects in NCR comprising around 20,000 flats. Some documents and computer devices have been recovered from the searched locations, they said. There was no immediate response from the companies concerned.
