Noida: Suraksha Group on Monday claimed it has completed the construction of 5,989 flats across 63 residential towers of Jaypee Wish Town since taking over Jaypee Infratech Ltd (JIL) in May 2024.The developer also said occupancy certificates (OCs) had been received for 31 towers comprising 3,135 flats, while applications had been filed for another 32 towers with 2,854 units. The OCs for these flats, Suraksha claimed, was expected to be cleared over the next couple of months.
The projects that have already received OCs include Kosmos, Klassic, Kensington Boulevard Apartments, Kensington Park Apartments and Kensington Park Heights. In Kosmos, OCs were received for 11 towers (1,078 units), while Klassic got approvals for 6 towers (674 units). Kensington Boulevard Apartments received OCs for 9 towers (818 units), and Kensington Park projects were cleared for 5 towers (565 units).Wish Town comprises 10 residential projects with a total of 159 towers. Launched in 2010-11, it was originally slated for delivery between 2014 and 2015, but years of litigation and financial stress at Jaypee Infratech stalled work for more than a decade, leaving thousands of homebuyers waiting.The turning point came on March 7, 2023, when National Company Law Tribunal approved Suraksha Group’s resolution plan to acquire the debt-ridden developer. The takeover was completed on May 24, 2024, after National Company Law Appellate Tribunal upheld the plan, adding a condition that Suraksha pay Rs 1,335 crore towards farmers’ compensation to Yamuna Expressway Industrial Development Authority.When the resolution plan was approved, construction was going on in 62 towers across four projects — Kosmos, Klassic, Kensington Boulevard, and Kensington Park Apartments and Heights — impacting more than 6,200 buyers. Suraksha said these towers were prioritised for completion within the current financial year.Jash Panchamia, executive director of Jaypee Infratech Ltd, said work continued despite pollution-control measures under GRAP. “Despite these challenges, we remain fully committed to meeting homebuyers’ expectations. The completion of 63 towers, with OCs already received for 31 towers and applications submitted for the remaining 32, reflects our focus on timely delivery. The construction of the remaining towers is going on at full pace and we are confident of completing them in keeping with the resolution plan,” he added.Buyers, however, demanded the immediate handover of flats that the developer claimed were ready.Ashish Mohan Gupta, president of JIL Real Estate Allottees Welfare Society, said when Suraksha took over the project on May 24, 2024, OCs for 22 of 62 towers had already been secured under the interim resolution professional and monitoring committee. He added that the monitoring committee’s reports filed before NCLT in June 2024 mentioned that many remaining towers were already 52% to 99% complete, indicating that much of the project was ready at takeover.
