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.
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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.
โOur contractors have started mobilising daily wagers, machines and other material required for construction at the site. We have infused โน125 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,โ 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.
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After a long litigation the National Company Law Appellate Tribunal on May 24, 2024, had upheld Suraksha Groupโs resolution plan for the debt-ridden Jaypee Infratech and also directed Suraksha to pay โน1,335 crore to Yeida towards farmersโ 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 โน8,000 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.
โAs 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,โ said a source in Jaypee Infratech.
Apart from this the JILโs 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.
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โAlso, 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,โ 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.
โWe 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,โ said Ashish Mohan Gupta, president, Jaypee Infratech Limited real estate allotteesโ welfare association.
