Adani Group is all set to foray into India’s largest real estate market via the insolvency court. The realty arm of Adani group is likely to bid for Jaypee group’s apartments, villas, and golf courses in the National Capital Region. According to the sources close to the deal, Adani group looks forward to spending $1 billion to acquire immovable assets of Jaypee group. It (Jaypee Group) is facing the country’s biggest bankruptcy case for defaulting over Rs. 50,000 crore.
If the deal is successful, Adani Group will experience 4x expansion in Indian real estate. The sources disclosed that it is the part of ‘Planned package offer’ to Jaiprakash Associates Ltd, who are facing insolvency proceedings. Adani group has already prepared to bid for Jaypee cement assets.
The source quoted, “As a resolution package, Adani may offer around Rs. 1,500 crore in total to the lenders to take over two businesses of Jaypee Group.” Jaypee Group has immense realty assets including golf-centric residential properties.
With this purchase, Adani group aims to mark its presence in India’s highly soaring real estate market that has fastest-growing localities. It includes Greater Noida, Noida, Gurugram, and Faridabad.
The most popular amongst all is the 425-acre Jaypee Greens township in Greater Noida. It has luxury villas, apartments, and golf courses. Along with parks, lakes, and a sports complex. In collaboration with Thailand’s Six Senses spa, it has a 5-star spa resort and a 60-acre nature park. Similarly, Jaypee Greens Wishtown in Noida widespread in 1,063 acres has luxury homes. There are villas, high-rise apartments, and penthouses. It has retail shops as a part of its commercial sphere, and a golf facility. Also, there is a 500-bed super specialty hospital and a school within its premises.
A motor racing track in Jaypee Greens Sports City at Yamuna Expressway set it apart and is an uber project of Jaypee Group. Along with sports, commercial and institutional facilities, it has 2,433 residential plots as per Jaypee Group’s annual report. The group has several other realty projects including Kalypso Court and Knight Court in the capital region. If Adani group wins the bid, it will be a major challenger to other realty players like Godrej Properties, Tata Group, L&T, and Raymond Realty.
