Relief news for more than 10000 homebuyers of Jaypee Infratech!
There is relief news for Jaypee Infratech homebuyers in Delhi-NCR who have been waiting for possession of their house for years. Jaypee Infratech Limited, controlled by Suraksha Group, has got approval for fresh RERA registration of seven stalled housing projects with more than 10000 housing units in Delhi-NCR. This will speed up the development of the company's stalled housing projects and long-waiting homebuyers will be able to get possession of the house.
Last year in june 2024, Mumbai-based Suraksha Group acquired Jaypee Infratech Limited and took control of the company by forming a three-member board. Suraksha Group promoter Sudhir v Walia was appointed as a non-executive director on the board of Jaypee Infratech. Suraksha Group had acquired Jaypee Infratech following the order of Insolvency Appellate Tribunal NCLAT on May 24 last year. NCLAT had upheld the bid made by Suraksha Group to acquire JIL. NCLAT had directed Suraksha Group to pay an additional Rs 1334 crore to yamuna Expressway Industrial Development Authority (YEIDA) as compensation to the farmers.
PTI quoted sources as saying that Jaypee Infratech has got re-recognition of RERA registration for its seven housing projects. He said that this will speed up the completion of the projects and it will be easier to get home loans from banks and financial institutions. The seven housing projects whose RERA registration has been revalidated include Jaypee Greens Classic-D, Jaypee Greens Cosmos-A (Phase-2), Jaypee Greens Cosmos-C, Jaypee Greens Kensington Boulevard Apartments, Jaypee Greens Casa Isles, Jaypee Greens Crescent Homes and Pebble Court. These projects have a total of 10,082 housing units. These units will be delivered in a phased manner as per the resolution plan from december 2025. The process of revalidating RERA registration of other projects of Jaypee Infratech is underway and is expected to be completed soon.
The creditor group led by idbi bank initiated the Insolvency Resolution Process against jil in august 2017. On march 7, 2023, the National Company Law Tribunal (NCLT) approved the Suraksha Group's bid to buy JIL.
After taking control of Jaypee Infratech, Suraksha Group has started raising funds as well as preparations to start the construction of stalled housing projects, in which about 20,000 home buyers are stuck. Suraksha Group will need an investment of Rs 6,500 -7,000 crore to complete about 160 housing towers in different projects.
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