Suraksha Group Delivers Major Progress on Jaypee Wish Town Project
Suraksha Group announced a significant milestone on Monday. The developer confirmed the completion of 5,989 flats across 63 residential towers in the sprawling Jaypee Wish Town complex in Noida. This achievement comes just months after the company formally took control of Jaypee Infratech Ltd in May 2024.
Occupancy Certificates Granted and Applied For
The company has already secured occupancy certificates for 31 towers containing 3,135 flats. Officials have filed applications for the remaining 32 towers, which hold 2,854 units. Suraksha expects these pending OCs to be cleared within the next couple of months.
Specific projects that have received occupancy certificates include:
- Kosmos: OCs for 11 towers (1,078 units)
- Klassic: Approvals for 6 towers (674 units)
- Kensington Boulevard Apartments: OCs for 9 towers (818 units)
- Kensington Park projects: Clearance for 5 towers (565 units)
A Long-Awaited Turnaround for Homebuyers
The Jaypee Wish Town project, launched back in 2010-11, was originally scheduled for delivery between 2014 and 2015. However, years of legal battles and severe financial difficulties at Jaypee Infratech brought construction to a virtual standstill for over a decade. This left thousands of homebuyers in a state of prolonged uncertainty.
The situation began to change on March 7, 2023. The National Company Law Tribunal approved Suraksha Group's resolution plan to acquire the struggling developer. The takeover was finalized on May 24, 2024, after the National Company Law Appellate Tribunal upheld the decision. The appellate tribunal added a condition requiring Suraksha to pay Rs 1,335 crore to the Yamuna Expressway Industrial Development Authority as compensation for farmers.
When the resolution plan received approval, construction activity was ongoing in 62 towers across four key projects: Kosmos, Klassic, Kensington Boulevard, and Kensington Park Apartments and Heights. These towers affected more than 6,200 buyers. Suraksha has prioritized completing these specific towers within the current financial year.
Developer Commitment and Homebuyer Demands
Jash Panchamia, Executive Director of Jaypee Infratech Ltd, emphasized the company's dedication. He stated that work continued steadily despite challenges like pollution-control measures under GRAP.
"Despite these challenges, we remain fully committed to meeting homebuyers' expectations," Panchamia said. "The completion of 63 towers, with OCs already received for 31 towers and applications submitted for the remaining 32, reflects our focus on timely delivery. The construction of the remaining towers is going on at full pace and we are confident of completing them in keeping with the resolution plan."
However, homebuyers are pressing for faster action. They demand the immediate handover of flats that the developer claims are ready for possession.
Ashish Mohan Gupta, President of the JIL Real Estate Allottees Welfare Society, provided additional context. He pointed out that when Suraksha assumed control on May 24, 2024, occupancy certificates for 22 of the 62 towers had already been obtained under the supervision of the interim resolution professional and monitoring committee.
Gupta also referenced reports filed by the monitoring committee before the NCLT in June 2024. These reports indicated that many of the remaining towers were already between 52% and 99% complete at the time of the takeover. This suggests a substantial portion of the project was in an advanced stage when Suraksha began its work.
The Jaypee Wish Town development is a massive undertaking, comprising 10 residential projects with a total of 159 towers. The recent progress marks a crucial step forward in resolving one of Noida's most prominent real estate delays, bringing hope to long-waiting residents.
