Suraksha Group -led Jaypee Infratech has announced plans to invest approximately Rs 6,000 crore in the next three years to complete pending housing projects. The company aims to deliver 20,000 units and has committed to meeting the deadlines outlined in the approved resolution plan. Following its takeover in June last year, Suraksha Group established a three-member board, with promoter Sudhir V Valia joining as a non-executive director.
The acquisition was finalised after the NCLAT's ruling on May 24 last year, which endorsed Suraksha Group's bid for Jaypee Infratech Ltd (JIL). The tribunal instructed Suraksha Group to provide an additional Rs 1,334 crore to YEIDA as compensation for farmers.
JIL CEO Abhijit Gohil affirmed their commitment to the timeline specified in the resolution plan. The company must complete roughly 20,000 homes within 40 months, beginning August 2024.
The company organised a webinar on Thursday morning to update homebuyers about developments since Suraksha Group's acquisition. The session attracted approximately 800 homebuyers.
The project involves completing 159 towers with 16,500 units in Wishtown township, Noida, Uttar Pradesh. Of these, 62 towers require only finishing work, whilst 97 towers need substantial construction work.
The company has engaged more than 20 contractors for project completion. Currently, 3,200 labourers are working on-site, with plans to increase this number progressively.
The CEO reported that occupation certificates have been secured for 22 towers, initiating the handover process. Applications for OCs have been submitted for 12 additional towers, with plans to apply for 18 more towers in early June.
Regarding finances, JIL's Executive Director Jash Panchamia confirmed the total construction cost estimate of Rs 6,000 crore, with access to a Rs 3,000 crore credit line for construction expenses.
The acquisition was finalised after the NCLAT's ruling on May 24 last year, which endorsed Suraksha Group's bid for Jaypee Infratech Ltd (JIL). The tribunal instructed Suraksha Group to provide an additional Rs 1,334 crore to YEIDA as compensation for farmers.
JIL CEO Abhijit Gohil affirmed their commitment to the timeline specified in the resolution plan. The company must complete roughly 20,000 homes within 40 months, beginning August 2024.
The company organised a webinar on Thursday morning to update homebuyers about developments since Suraksha Group's acquisition. The session attracted approximately 800 homebuyers.
The project involves completing 159 towers with 16,500 units in Wishtown township, Noida, Uttar Pradesh. Of these, 62 towers require only finishing work, whilst 97 towers need substantial construction work.
The company has engaged more than 20 contractors for project completion. Currently, 3,200 labourers are working on-site, with plans to increase this number progressively.
The CEO reported that occupation certificates have been secured for 22 towers, initiating the handover process. Applications for OCs have been submitted for 12 additional towers, with plans to apply for 18 more towers in early June.
Regarding finances, JIL's Executive Director Jash Panchamia confirmed the total construction cost estimate of Rs 6,000 crore, with access to a Rs 3,000 crore credit line for construction expenses.
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