Suraksha Group expects to complete Jaypee Infra’s stalled housing projects by 2028; to invest ₹3,000 crore
Suraksha Group, which acquired realty firm Jaypee Infratech, said on Monday that it plans to invest around ₹3,000 crore over the next two years to complete all stalled housing projects, assuring that all stuck homebuyers would be able to get their apartments by September 2028.
Additionally, the company also plans to develop three new townships on the Yamuna Expressway, totalling over 450 acres, news agency PTI reported.
Suraksha Group says previously stalled projects completed
Speaking at a press conference in Noida, Suraksha Group promoter Sudhir Valia said the company has completed 84 towers, comprising 7,913 units, over the past two years. He added that 159 towers were stalled when the group took over operations of Jaypee Infratech (JIL).
Valia added that at least 5,000 units have already been handed over to customers, but possession of the remaining 3,000 units is still pending. When asked about the deadline to complete all stalled projects, the Suraksha Group promoter said the company would finish all construction and hand over possession to customers by September 2028. Valia said, “We are very confident that we will deliver all units in the scheduled time period.”
Suraksha Group promoter on total investments
Commenting on the total investment made so far and the cost to be incurred, the group promoter said, “The company has invested around ₹1,500-2000 crore so far and will invest around 3,000 crore to complete all stalled projects,” and added that the investment is more focused on completing the work on stalled apartments.
Elaborating on how the company plans to fund the project costs, he said the group is likely to receive around ₹1,800-2,000 crore from existing customers. The company also generates approximately ₹500 crore a year through toll collections on the Yamuna Expressway. In addition, he said Suraksha Group has around 2,000 unsold units with an estimated sales value of ₹2,500 crore.
The company, which is in its final resolution plan, has assured that it will complete roughly 20,000 homes across various stalled residential projects, following which possession will be offered to distressed homebuyers.
Suraksha Group acquires Jaypee Infratech
In August 2017, the Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Ltd (JIL) began following 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 acquire JIL. The group subsequently took control of the company on June 4, 2024, after the National Company Law Appellate Tribunal (NCLAT), the insolvency appellate tribunal, upheld its bid.
