NEW DELHI: 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 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 together have a total of 10,082 units of various configurations and sizes. These units are scheduled to be delivered as per the resolution plan in a phased manner beginning December 2025, sources said.
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.
