Jaypee Infratech infuses Rs. 6,000 Crore - Aims to Finish 20,000 Stalled Homes

Jaypee Infratech, which is owned by the Suraksha Group, announced on Thursday that it will invest approximately Rs. 6,000 crore over the next three years to finish 20,000 units of housing projects that have stalled. The company also gave homebuyers the assurance that it will meet the date specified in the resolution plan that was approved.

By forming a three-member board, the Mumbai-based Suraksha Group took over Jaypee Infratech Ltd (JIL) in June of last year. The Suraksha Group's promoter, Sudhir V. Valia, was added to the JIL board as a non-executive director.

The takeover came when the NCLAT, an insolvency appeal panel, upheld Suraksha Group's proposal to purchase JIL on May 24 of last year. In order to compensate farmers, the NCLAT ordered Suraksha Group to give Yamuna Expressway Industrial Development Authority (YEIDA) an extra Rs. 1,334 crore.

"We want to reassure homebuyers that we would adhere to whatever schedule we have pledged in the resolution plan," JIL CEO Abhijit Gohil stated during a news conference in Noida.

Beginning in August 2024, JIL has 40 months to finish about 20,000 dwellings.

According to Gohil, the business also hosted a webinar on Thursday morning to inform prospective homeowners of the advancements made in the ten months since the Suraksha Group acquired JIL. Approximately 800 homebuyers attended the webinar.

In the Wishtown township in Noida, Uttar Pradesh, JIL has to finish 159 buildings with 16,500 units. Only 62 of these 159 towers need final work from the business. In the 97 towers that survive, many

More than 20 firms have been granted work to construct these projects. According to the CEO, there are currently about 3,200 laborers working on the sites, and that number will steadily increase.

According to Gohil, the handover procedure has begun and the company has already acquired occupation certificates (OCs) for 22 towers. OCs have been applied for in another 12 buildings, and in early June, the corporation will apply for OCs in 18 towers.

When asked about the investment, Jash Panchamia, the Executive Director of JIL, stated that the estimated overall cost of construction is approximately Rs. 6,000 crore.