Suraksha Group Completes 6,000+ Jaypee Infratech Units, Nearing Buyer Deliveries
Overview
Suraksha Group has completed construction for nearly 6,000 housing units within Jaypee Infratech Limited (JIL) projects. Occupancy Certificates (OCs) are secured for over 3,100 units, with applications submitted for more. This milestone under Suraksha's resolution plan, involving a ₹5,500 crore investment, targets delivery of approximately 20,000 homes by 2027.
JIL Project Milestones
Suraksha Group has finalized construction on 5,989 housing units across various Jaypee Infratech Limited (JIL) projects. The Mumbai-based conglomerate, which took control of JIL in 2024, has secured Occupancy Certificates (OCs) for 3,135 units spread over 31 towers. An additional 2,854 units within 32 towers await their OCs, with applications already submitted.
Delivery Timeline and Investment
JIL's Executive Director, Jash Panchamia, stated that the company is adhering to its resolution plan timeline despite seasonal construction restrictions. Suraksha Group is projected to invest approximately ₹5,500 crore to complete about 20,000 homes originally developed by Jaypee group in Noida and Greater Noida. These are slated for delivery by 2027, with 159 residential towers in total needing completion.
Regulatory Approvals and Compensation
The National Company Law Appellate Tribunal (NCLAT) approved Suraksha Group's resolution plan on May 24, 2024. A key condition mandates Suraksha to compensate the Yamuna Expressway Industrial Development Authority (YEIDA) with ₹1,335 crore over the next four years to benefit farmers. This figure is an increase from Suraksha's initial proposed compensation of ₹1,216 crore.
