Mumbai-based Suraksha Group, which acquired Jaypee Infratech Limited (JIL) through the insolvency process nearly two years ago, said on September 14 that it will invest nearly ₹3,000 crore over the next two years to complete and hand over all 20,000 housing units to homebuyers by 2028.
Suraksha Group promoter Sudhir Valia told reporters on September 14 that the company has completed 84 towers comprising 7,913 units out of the 159 towers that were stalled when it took over JIL’s operations.
Of these, around 5,000 units have already been handed over to customers, while possession of around 3,000 completed units is pending, he said.
Asked about the deadline for completing the remaining projects, Valia said the company expects to complete construction and hand over all units by 2028. “We are very confident that we will deliver all units within the scheduled time period,” he said, adding that the company expects to hand over the remaining units by March 2028, but the timeline may extend by up to six months to September 2028 if the National Green Tribunal (NGT) imposes a construction ban due to pollution.
Expected investment
Asked about the total investment made so far and the cost of completing the stalled projects, Valia said the company has invested around ₹1,500–2,000 crore so far and will invest another ₹3,000 crore to complete the projects.
He said most of the investment is being made to complete the apartments.
On funding, Valia said the company has customer receivables of around ₹1,800–2,000 crore and earns about ₹500 crore annually from toll collections on the Yamuna Expressway.
Expansion plans
The company also plans to launch three new integrated townships spanning around 465 acres — City of the Ganges, Enterprise City and Yamuna Smart City — across Noida, Greater Noida and the Yamuna Expressway region.
Jaypee Infratech CEO Abhijit Gohil said two of the planned townships will be residential, while one will be industrial. The largest township will span 256 acres, while the other two will cover 124 acres and 85 acres, respectively.
The three townships are expected to be launched during the current and the next financial year, said Jash Panchamia, executive director, Jaypee Infratech.
“Over the last two years, our approach has been very clear: we had to first deliver on our commitments to existing homebuyers and bring the stalled projects firmly back on track. With more than 50% of construction completed and the remaining deliveries progressing as per the stipulated timelines, we believe we are now at an appropriate stage to enter the next phase of growth,” Panchamia said.
Suraksha’s upcoming pipeline will comprise unsold inventory, relaunches and fresh projects, catering to evolving consumer demand across Noida and the Yamuna Expressway. Fresh launches will include premium, luxury, and ultra-luxury residential developments, as well as plotted residential and industrial projects.
Also Read: Suraksha Group completes work on 7,913 flats in Noida’s Wish Town
The company is also undertaking initiatives to strengthen essential infrastructure in Wishtown to meet both current and future requirements, it said.
Jaypee Infra and the insolvency process
The Corporate Insolvency Resolution Process (CIRP) against JIL started in August 2017 over an application filed by an IDBI Bank-led consortium. On March 7, 2023, the National Company Law Tribunal (NCLT) approved Suraksha Group’s bid to buy JIL. In its final resolution plan, Suraksha Group offered bankers more than 2,500 acres of land and nearly ₹1,300 crore by issuing non-convertible debentures. It also proposed to complete all stalled projects over the next four years.
