04.Aug.2023
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Suraksha group plans to infuse more than Rs 3000 crore to resist the construction of nearly 20000 units of flats left by Jaypee Infratech of the residents of Noida and Greater Noida. These home buyers of Noida and Greater Noida were waiting to get their flats for more than 5 years to get their homes for which they have already paid more than 50% of the total cost.
Since 2017, the national company law tribunal has been hearing the corporate insolvency resolution process of Jaypee Infratech Limited which has failed to deliver its projects and is monitored by the supreme court.
Now with legal matters, NCLT is finding the bidder who will complete the project through which Mumbai-based Suraksha realty limited and Lakshadweep Investments won the bid and take over the projects for reviving Jaypee's leftover flats.
When Jaypee build the Yamuna expressway, it was given 500 hectares of land by YEIDA to develop the flats each in Noida, Greater Noida, Agra, and Aligarh. Since then, 20000 flats are left under construction and hardly seen any development soon after that Jaypee declared bankruptcy, and flats worth 1689 crores were awarded to the Suraksha group after discussion and settlement with YEIDA and NCLAT.
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