Suraksha Group awards tenders for 41 towers of Jaypee Infratech projects

                Mumbai-based Suraksha Group, which took 
over debt-ridden Jaypee Infratech Limited this 
June, has restarted construction work on at 
least 41 of 97 delayed housing towers in 
Jaypee Wish Town Project, which has 
remained stuck for over a decade, thereby 
affecting the interests of at least 20,000 
homebuyers.
Tenders were issued for 97 towers, with 
contracts awarded for 41 towers in Wish Town 
located in sectors 128, 129, 130 and 132 along 
the Noida-Greater Noida Expressway. These 41 
towers include Krescent Homes, Garden Isles, 
Kasa Isles, and Kube.
The remaining contracts for 56 towers will be 
awarded in the coming months, with Suraksha 
Group on track to meet the timelines specified 
in the resolution plan, said sources.
“Our contractors have started mobilising daily 
wagers, machines and other material required 
for construction at the site. We have infused 
₹125 crore to resume construction and are 
taking measures required to build the projects 
so that we can deliver apartments to buyers as 
per the assurances that we made in our 
resolution plan,” said Aalok Dave, executive 
director, Jaypee Infratech Limited.
According to the resolution plan, Suraksha 
Group was supposed to infuse funds within 90 
days after taking over the company.
After a long litigation the National Company 
Law Appellate Tribunal on May 24, 2024, had 
upheld Suraksha Group’s resolution plan for 
the debt-ridden Jaypee Infratech and also 
directed Suraksha to pay ₹1,335 crore to Yeida 
towards farmers’ compensation over a period 
of four years. Subsequently, after a six-year 
long court battle, Mumbai-based Suraksha 
Group on June 5, 2024, took over Jaypee 
Infratech and its office-bearers assured 
homebuyers that the work will soon restart at 
project sites.
Suraksha Group will infuse around ₹8,000 crore 
to complete and deliver these 20,000 
apartments in the next two to three years.
The new office-bearers of JIL is also working 
on awarding construction work to new 
contractors for the remaining 56 towers in the 
next couple of months.
“As work will be in full swing at 41 towers in 
the next couple of days, delivery can begin 
after the next 18 months. And soon after that, 
delivery in another 56 towers will also start,” 
said 
a source in Jaypee Infratech.
Apart from this the JIL’s new management has 
also started appointing a committee in each 
tower comprising a homebuyer and two from 
Jaypee. These committees will supervise the 
construction work and quality of work, as well 
as pace of work. These committees can 
approach the executive director if it finds that 
the contractor is not working properly.
“Also, we have asked these contractors to 
open an escrow account so that they can 
monitor if he is paying the money to labourers 
or his vendors on time. We have done this so 
that in 
the event that the contractor does not pay the 
money to vendors and labourers, money can 
be paid from these escrow accounts without 
affecting the pace of work and delivery 
schedule,” said Dave.
As of now the work on these 41 towers is 
underway with the help of around 100 
labourers and the number of labourers is set to 
rise. At peak construction, the JIL needs 
around 8,000 
labourers to meet the delivery deadline.
The new office-bearers of the JIl has hired 
around 200 new staff from reputed developers 
to handle the construction and also customer 
queries.
“We are happy that finally the work is resuming 
at the site and we hope to get our flats without 
further delay. The UP government and the 
Yamuna Expressway authority must help the 
new team get the project completed,” said 
Ashish Mohan Gupta, president, Jaypee 
Infratech Limited real estate allottees’ welfare 
association.


Source : The Economic Time