New Delhi: After a nearly decade-long wait, nearly 4,000 homebuyers of Jaypee group in Noida and Greater Noida are finally likely to get possession of their apartments this fiscal year, with property developer Suraksha Group expected to seek occupation certificates (OC) for 40 residential towers.
The company delivered 19 towers comprising 1,981 units in 2024-25, and plans to deliver another 40 towers of 3,817 units this fiscal.
"We are working as per the resolution plan and are on track to complete the project within the stipulated timeline," said Jash Panchamia, executive director at Jaypee Infratech. "As per the resolution plan, we have awarded contracts of all the towers to most of the contractors who were working for JAL ( Jaiprakash Associates) and simultaneously also ensured that we do not award many towers to one contractor."
Suraksha is expected to invest about ₹5,500 crore towards completing construction of about 20,000 homes of Jaypee group in Noida and Greater Noida. These units are expected to be delivered by 2027. The Mumbai-based conglomerate had taken over stalled projects of Jaypee Infratech.
"We have already invested ₹400 crore in FY25 and will invest another ₹2,500 crore in the current financial year. We have to recover ₹1,200 crore dues from the buyers and another ₹400-500 crore will come from the toll collection on Yamuna expressway," Panchamia said.
The Yamuna Expressway Industrial Development Authority (YEIDA) has meanwhile issued a notice to Suraksha Realty, after homebuyers alleged delay in construction.
Panchamia noted that the pace of construction has been accelerated, with nearly 6,000 labourers currently deployed at various sites.
Overall, 159 residential towers are to be completed. By this year-end, Suraksha is aiming to deliver 62 towers, while the remaining 97 towers are planned for delivery over a 40-month period. The company said it has also received approval from the Real Estate Regulatory Authority (RERA) for most of the projects and will soon commence sales of 1,100 unsold units as well.
The company delivered 19 towers comprising 1,981 units in 2024-25, and plans to deliver another 40 towers of 3,817 units this fiscal.
"We are working as per the resolution plan and are on track to complete the project within the stipulated timeline," said Jash Panchamia, executive director at Jaypee Infratech. "As per the resolution plan, we have awarded contracts of all the towers to most of the contractors who were working for JAL ( Jaiprakash Associates) and simultaneously also ensured that we do not award many towers to one contractor."
Suraksha is expected to invest about ₹5,500 crore towards completing construction of about 20,000 homes of Jaypee group in Noida and Greater Noida. These units are expected to be delivered by 2027. The Mumbai-based conglomerate had taken over stalled projects of Jaypee Infratech.
"We have already invested ₹400 crore in FY25 and will invest another ₹2,500 crore in the current financial year. We have to recover ₹1,200 crore dues from the buyers and another ₹400-500 crore will come from the toll collection on Yamuna expressway," Panchamia said.
The Yamuna Expressway Industrial Development Authority (YEIDA) has meanwhile issued a notice to Suraksha Realty, after homebuyers alleged delay in construction.
Panchamia noted that the pace of construction has been accelerated, with nearly 6,000 labourers currently deployed at various sites.
Overall, 159 residential towers are to be completed. By this year-end, Suraksha is aiming to deliver 62 towers, while the remaining 97 towers are planned for delivery over a 40-month period. The company said it has also received approval from the Real Estate Regulatory Authority (RERA) for most of the projects and will soon commence sales of 1,100 unsold units as well.
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