Jaypee buyers protest delay in construction; NCLT hearing soon

Jaypee buyers have also filed an application in the NCLT seeking the constitution of a monitoring committee to ensure timely delivery of units

Frustrated over prolonged delays and alleged non-compliance with the approved resolution plan, homebuyers of Jaypee Infratech Limited (JIL) staged a protest against the Suraksha Group on Thursday, accusing the realty firm of failing to resume construction work even a year after the National Company Law Tribunal (NCLT) cleared its resolution plan.

A few buyers sustained minor injuries while trying to enter the Suraksha office in Wish Town Sector 128. (HT Archive)

Led by the JIL Real Estate Allottees Welfare Society (JREAWS), the homebuyers gathered near Jaypee Public School around 11am and marched to the Suraksha Group office in Sector 128, holding banners and shouting slogans demanding action and resumption of stalled projects. The protest ended after the Suraksha management assured buyers of monthly updates and resumption of work.

“The construction is still stalled at all housing projects despite approval on April 24, 2024. It has been over a year since the NCLT approved the resolution plan on March 7, 2023. Over 22,000 homebuyers are still waiting for even a basic resumption of construction. After waiting patiently for nearly 21 months, we have decided to act,” said Ashish Mohan Gupta, president, JREAWS.

In response, Suraksha Group CEO Abhijit Gohil said the company has deployed labour and infused sufficient funds and also appointed buyer representatives to meet on a monthly basis to review updates. “We have discussed buyer concerns in detail. Meeting buyers daily is not feasible for senior management, which is why we’ve appointed representatives. We request buyers to trust us. We will deliver as per the resolution plan,” said Gohil.

The buyers have also filed an application in the NCLT seeking the constitution of a monitoring committee to oversee the execution of the plan and ensure timely delivery of units. The plea is scheduled to be heard on April 15, 2025. According to the buyers, the Insolvency and Bankruptcy Board of India (IBBI) has supported their application.

“There is a severe labour shortage at the site. The plan mandated 12,000 workers, but only around 2,000 are deployed across 150 towers. Contractors are leaving due to non-payment. Suraksha has failed to arrange ₹3,000 crore funding within 90 days of May 24, 2024, the effective date of implementation,” alleged Sachin Sharma, a buyer.

Buyers said construction that was underway during the Interim Monitoring Committee (IMC) period has now come to a halt after contractor terminations. They named stalled projects including Garden Isles, Orchards, Wishpoint, Sunnyvale Homes, and Tanishq Square, all of which still feature in UPRERA’s abeyance list.

“Suraksha claims implementation of the resolution plan but continues citing pending Supreme Court proceedings to justify delays. This is misleading and erodes homebuyer trust,” Gupta added.

During the protest, a few buyers sustained minor injuries while trying to enter the Suraksha office in Wish Town Sector 128. According to the protesters, police attempted to stop them, leading to a brief scuffle. “We will again protest if Suraksha Group fails to honour its promises. We called off today’s protest after the management committed to provide regular updates and resume work,” said Ishwar Kewalramani, vice president, JREAWS.