Suraksha Group Revives Jaypee Infratech with Massive Construction Completion

Suraksha Group has completed construction on nearly 6,000 residential units across 63 towers in Noida as part of its commitment to resolve the insolvency of Jaypee Infratech. The firm is on track to deliver 20,000 homes, securing occupancy certificates for completed units and progressing on additional projects.

Realty conglomerate Suraksha Group has made substantial strides in completing long-stalled projects of Jaypee Infratech Ltd., post-acquisition, unveiling significant progress in Noida. On Monday, the company announced the completion of approximately 6,000 residential units spread over 63 towers, a crucial step for distressed homebuyers awaiting their future homes.

Mumbai-headquartered Suraksha Group, fulfilling its resolution plan commitments, has effectively revitalized the 'JIL Wish Town' township in Noida, securing occupancy certificates for 31 towers. They are now in the process of obtaining certificates for 32 additional towers, covering an aggregate of 2,854 units. The company anticipates acquiring these certificates in the upcoming months.

Jash Panchamia, Executive Director at Jaypee Infratech, reiterated the firm's dedication to overcoming obstacles, including seasonal construction restrictions, to meet the outlined delivery timelines. The group's acquisition was solidified on June 4, 2024, following a favorable decision by NCLAT, fortifying Suraksha's obligation to complete all unfinished projects within the next four years.

(With inputs from agencies.)