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Suraksha Group has completed construction of 7,913 apartments across 84 residential towers at Jaypee Wish Town in Noida, marking significant progress since taking over Jaypee Infratech through the insolvency process. The company has already secured occupancy certificates for 4,213 homes and has sought approvals for another 2,229 units. As part of its resolution plan, Suraksha Group is working to complete around 20,000 stalled homes while upgrading township infrastructure. The company said it is coordinating with authorities to obtain approvals and hand over homes to long-waiting buyers.
Suraksha Group has completed construction of 7,913 apartments across 84 residential towers at the Wish Town township in Noida, taking another step towards reviving the stalled housing projects of Jaypee Infratech Ltd (JIL). The Mumbai-based real estate developer, which acquired JIL through the insolvency resolution process in 2024, also said it has received occupancy certificates (OCs) for 42 towers comprising 4,213 apartments.
The company said construction and infrastructure development work across the Wish Town township has gathered pace since it took over the project. Occupancy certificates for the completed towers allow eligible homebuyers to take possession of their apartments after the required formalities are completed.
Apart from the towers that have already received approvals, Suraksha Group has applied for occupancy certificates for another 26 towers comprising 2,229 apartments. The company said it expects these approvals to be received soon.
Jash Panchamia, Executive Director of Jaypee Infratech, said the company's priority has remained the timely completion of projects while also improving infrastructure and the overall quality of life within the Wish Town township. He added that efforts are continuing to ensure residential projects are completed efficiently alongside the development of supporting infrastructure.
The developer also said it is working closely with regulatory authorities and other stakeholders to speed up approvals and complete the remaining residential towers under the township.
Suraksha Group assumed control of Jaypee Infratech after the National Company Law Appellate Tribunal (NCLAT) upheld its resolution plan, following which the takeover was completed in 2024. The acquisition brought an end to a prolonged insolvency process that had left thousands of homebuyers waiting for possession of their homes.
The Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech had begun in 2017 after an application filed by an IDBI Bank-led consortium. The National Company Law Tribunal (NCLT) later approved Suraksha Group's resolution plan in 2023, paving the way for the eventual takeover after legal proceedings concluded.
Under its approved resolution plan, Suraksha Group committed to completing around 20,000 stalled homes across various residential projects and handing them over to homebuyers over the following four years. The company also proposed to repay lenders by offering more than 2,500 acres of land along with non-convertible debentures worth nearly INR 1,300 crore, making it one of the largest insolvency resolution exercises in India's residential real estate sector.
The revival of Jaypee Infratech is being closely watched by the real estate industry as it involves one of the country's biggest delayed housing projects, affecting thousands of homebuyers in the National Capital Region. Progress in construction, approvals and possession is expected to play a key role in restoring buyer confidence in large-scale stalled residential developments.
Source PTI
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