After taking over the debt-ridden Jaypee Infratech Limited in June, Suraksha Group, a Mumbai-based developer is all set to align work on the project. The company resumed construction of nearly 41 towers out of 97 at the stalled Jaypee Wishtown project in Noida.
The project is stalled mid-way for more than a decade, leading to an uncertain future for nearly 20,000 homebuyers. For the construction work, tenders were issued for 97 towers in total, with contracts released for 41 towers in Wish Town in Sector 128, 129, 130, and 132 in Noida. These localities are next to the Noida-Greater Noida expressway.
The total 41 towers also include Krescent Homes, Garden Isles, Kasa Isles, and Kube.
According to sources, the contract for the remaining 6 towers will be released in the coming months with the Suraksha Group meeting timelines in the resolution plan, sources close to the development said.
“Our contractors have started mobilising daily wagers, machines, and other material required for construction at the site. We have infused Rs. 125 crore to resume construction and are taking measures required to build the projects so that we can deliver apartments to buyers as per the assurances that we made in our resolution plan”, said Aalok Dave, Executive Director, Jaypee Infratech Limited.
The resolution plan states Suraksha Group was supposed to infuse funds within 90 days of taking over the debt-ridden Jaypee Infratech.
On May 24, 2024, Suraksha Group got the sanction from the National Company Law Appellate Tribunal (NCLAT) to take-over debt-ridden Jaypee Infratech Pvt Ltd. NCLAT directed Mumbai-based Suraksha Group to pay Rs. 1,335 crore to YEIDA for farmer’s compensation for more than four years.
After a six-year-long legal battle, Suraksha Group in June 2024 took over Jaypee Infratech, and the company assured investors to restart work on the stalled project. Suraksha group aims to deliver 20,000 apartments in the coming two, to three years by infusing Rs. 8,000 crores in construction.
Sources close to Jaypee Group said, “As work will be full swing at 41 towers in the next couple of days, delivery can begin after the next 18 months. And soon after that, delivery in another 56 towers will also start.”
On the development, Dave also said, “Also, we have asked these contractors to open an escrow account so they can monitor if he is paying the money to labourers or his vendors on time. We have done this so that in the event that the contractor does not pay the money to vendors and labourers, money can be paid from these escrow accounts without affecting the pace of work and delivery schedule.” At present, work on 41 towers is midway with 100 labourers on site which will eventually ascend as time progresses.
