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Suraksha Group completes construction of nearly 6,000 housing units at Jaypee's stalled Wish Town in Noida
Delhi-NCR real estate update: Suraksha Group gets occupancy certificates for 3,135 Jaypee Wish Town units in Noida; applies for OC for 2,854 units
Mumbai-based real estate firm Suraksha Group, which took over Jaypee Infratech Limited in 2024 through an insolvency process, said on January 12 that it has completed construction of 5,989 housing units across various projects at JIL Wish Town in Noida and has secured occupancy certificates for over 3,100 units.
In a statement, the company said it has completed construction of 5,989 units across 63 towers in 'JIL Wish Town' township in Noida, Uttar Pradesh.
The company has already secured Occupancy Certificates (OCs) for 31 towers comprising 3135 units, it said.
Additionally, Suraksha Group has also applied for OCs of additional 32 towers of Kosmos, Klassic, Kensington Boulevard Apartments, Kensington Park Apartments, Kensington Park Heights and Pebble Court. These 32 towers have a total of 2,854 units.
The company expects to receive Occupancy Certificates for 32 towers over the next couple of months, it said.
In its final resolution plan, it had promised to complete around 20,000 homes across various stuck residential projects and then offer possession to distressed homebuyers.
“Despite crippling restrictions imposed on construction activities due to GRAP rules during winter months every year, we remain fully committed to fulfilling our customers’ expectations and are working tirelessly to deliver as per the timeline outlined in the resolution plan. Our dedication is evidenced by the completion of 63 towers, with Occupation Certificates (OCs) already received for 31 towers and applications submitted for 32 additional towers. For the remaining towers, construction is going on in full swing and we are confident of delivering these towers as per the resolution plan," said Jash Panchamia, executive director, Jaypee Infratech Limited, said.
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Jaypee Wish Town is an integrated township comprising 10 residential projects and 159 towers. Launched in 2010–11, the homes were originally promised by 2014–15. However, prolonged court cases and financial stress at Jaypee Infratech stalled construction for more than a decade.
In June 2024, Suraksha Group had taken control of JIL following the insolvency appellate tribunal NCLAT decision upholding its bid to acquire JIL The Corporate Insolvency Resolution Process (CIRP) against JIL was started in August 2017, over an application by the IDBI Bank-led consortium.
In March 2023, the National Company Law Tribunal (NCLT) had approved the bid of the Suraksha group to buy JIL.
In its final resolution plan, the Suraksha group had offered to bankers more than 2,500 acres of land and nearly ₹1,300 crore by way of issuing non-convertible debentures.
