Construction on Jaypee Infratech’s (JIL) long-stalled housing projects in Noida and other locations is set to resume. The resolution of all pending issues related to the takeover by Mumbai-based Suraksha Group has paved the way for an accelerated resumption of work and the timely delivery of housing units.
The National Company Law Appellate Tribunal (NCLAT) has mandated that Suraksha Group disburse Rs 1,335 crore to the Yamuna Expressway Industrial Development Authority (Yeida) over the next four years. This payment is crucial for Yeida to provide a 64.7% increase in land compensation to farmers. As part of the approved resolution plan, Suraksha Group will shoulder 79% of the Rs 1,689 crore additional land compensation to be distributed over four years, while Yeida will cover the remaining 21%, approximately Rs 400 crore.
The operational oversight of JIL currently rests with an Implementation and Monitoring Committee (IMC), consisting of officials from Suraksha, JIL, homebuyers, and an interim resolution professional. This committee is expected to drive the reactivation of construction at nine stalled projects within Jaypee’s Wish Town in Noida and other locations.
Presently, construction is active on four projects, encompassing 62 towers and affecting over 6,000 homebuyers. Conversely, work on 15 towers in the Kosmos and Kensington Boulevard projects remains halted. Notably, 82 towers across seven projects have seen no construction activity for the past decade, impacting 9,700 homebuyers. The IMC has already finalized the selection of contractors, and upon formal takeover, Suraksha Group is poised to award the construction contracts, thereby ensuring that work recommences promptly.
This development marks a significant milestone in the prolonged saga of stalled projects, promising a new phase of expedited construction and eventual delivery of the long-awaited housing units.
