11 , February , 2025
In a major development, Suraksha Group-controlled Jaypee Infratech Ltd has got re-validation of RERA registration for seven stalled real estate projects, comprising more than 10,000 units, in Delhi-NCR.
This new development will enable the company to expedite
construction work and give possession of properties to aggrieved
homebuyers. In June last year,
Mumbai-based Suraksha Group took control of Jaypee Infratech Ltd (JIL) by
constituting a three-member board. Sudhir V Valia, promoter of Suraksha Group,
was appointed as a non-executive director on the JIL board. The takeover followed the insolvency
appellate tribunal NCLAT decision on May 24 last year, upholding Suraksha
Group's bid to acquire JIL.
The NCLAT had directed Suraksha Group to pay an additional
Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as
farmers' compensation. According to
sources, JIL has received re-validation of RERA registration for seven of its
projects. This will expedite project
completion as well as facilitate easier access to home loans from banks and
financial institutions, they added.
The seven projects whose RERA registration has been
re-validated are Jaypee Greens Klassic - D, Jaypee Greens Kosmos - A (Phase
II), Jaypee Greens Kosmos - C, Jaypee Greens Kensington Boulevard Apartments,
Jaypee Greens Kasa Isles, Jaypee Greens Krescent Homes, and Pebble Court. All these projects combined have a total of
10,082 units of various configurations and sizes.
If sources are to be believed, then these units are
scheduled to be delivered as per the resolution plan in a phased manner
beginning December 2025.
The process of obtaining re-validation of RERA registration
of other projects of Jaypee Infratech is also underway and it is expected
soon. The Corporate Insolvency
Resolution Process (CIRP) against JIL began in August 2017, initiated by the
IDBI Bank-led consortium.
On March 7, 2023, the National Company Law Tribunal (NCLT)
approved the bid from Suraksha Group to buy JIL. In May 2024, the National
Company Law Appellate Tribunal (NCLAT) approved the resolution of Suraksha
Group. After taking control of the JIL,
Suraksha Group has started infusing funds as well as preparation for commencing
the construction of stalled housing projects where around 20,000 homebuyers are
stuck.
Suraksha Group will require Rs 6,500-7,000 crore investment
to complete nearly 160 residential towers across various projects. In its final resolution plan, Suraksha Group
offered to bankers more than 2,500 acres of land and nearly Rs 1,300 crore by
way of issuing non-convertible debentures. It also proposed to complete all
stalled projects over the next four years.
Lenders of Jaypee Infratech had submitted a claim of Rs 9,783 crore.
(WITH INPUTS TAKEN FROM PTI)
