Suraksha Group completes 6K homes at Jaypee's stalled Wish Town projects

Suraksha Group completes nearly 6,000 homes across 63 towers at Noida's Wish Town, securing OCs for over 3,100 units after Jaypee Infratech takeover

Mumbai-based realty firm Suraksha Group, which acquired Jaypee Infratech (JIL) in 2024 through the insolvency process, on Monday said it has completed construction work on nearly 5,989 units across 63 residential towers in Noida’s Wish Town township.

 

“The company has already secured occupancy certificates (OCs) for 31 towers comprising 3,135 units,” it added.

 

This comes after Suraksha Group, in its final resolution plan, had promised to complete around 20,000 homes across various stalled residential projects. The realty company had also assured homebuyers that it would adhere to the deadline of 40 months promised in the approved resolution plan.

 

Suraksha Group has also applied for OCs for an additional 32 towers of Kosmos, Klassic, Kensington Boulevard Apartments, Kensington Park Apartments, Kensington Park Heights and Pebble Court.

 

These 32 towers have a total of 2,854 units. The company expects to receive OCs for the 32 towers over the next couple of months.

 

Commenting on this, Jash Panchamia, executive director, JIL, said that despite crippling restrictions imposed on construction activities due to GRAP rules during the winter months every year, Suraksha remains fully committed to fulfilling customers’ expectations and delivering as per the timeline outlined in the resolution plan.

 

For the remaining towers, he said construction is going on in full swing, expressing confidence in delivering these towers according to the resolution plan.

 

Suraksha Group had taken over JIL following the National Company Law Appellate Tribunal (NCLAT) decision upholding its bid to acquire the company.

 

The NCLAT had also directed Suraksha Group to pay an additional ₹1,334 crore to the Yamuna Expressway Industrial Development Authority (YEIDA) as farmers’ compensation.

 

In its final resolution plan, the Suraksha Group offered bankers more than 2,500 acres of land and nearly ₹1,300 crore by way of issuing non-convertible debentures. It also proposed to complete all stalled projects over the next four years.

 

The corporate insolvency resolution process (CIRP) against JIL was started in August 2017, following an application by the IDBI Bank-led consortium.