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NBCC gets homebuyers’ nod to finish Jaypee Infratech’s projects

The successful resolution will provide a big relief to over 20,000 homebuyers

NBCC, Jaypee Infratech, Suraksha Realty, Lakshdeep Investments and Finance, Noida, Agra, Mirzapur, Uttar Pradesh, Yamuna Expressway, Greater Noida

NBCC (India) has got homebuyers’ nod to complete Jaypee Infratech’s under-construction projects. The company which was competed with a consortium of Suraksha Realty and Lakshdeep Investments and Finance got 97.36% of the votes of 13 lenders and more than 12,000 homebuyers.

Several under-construction projects along the 167 km long Yamuna Expressway cut across Noida, Tappal, Jaganpur, Agra, and Mirzapur areas of Uttar Pradesh. NBCC (India) intends to complete the projects in nine to 42 months. The successful resolution will provide a big relief to over 20,000 homebuyers across various housing projects launched by Jaypee Infratech in Noida and Greater Noida (Uttar Pradesh).

The company will pay homebuyers Rs five per sq ft in case the delivery is delayed beyond 12 months from the deadline. The company, known more for its project management consultancy, has secured Rs 2,000 crore credit facility from HDFC Bank to undertake the work.

NBCC (India) will hand over 1,526 acre, worth Rs 5,000 crore, to lenders. It will also hive off the toll road (Yamuna Expressway) as a separate special purpose vehicle (SPV) and hand it over to the banks.

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June 2020
10 Jun 2020