Relief for homebuyers as Suraksha-led Jaypee Infra secures RERA revalidation for seven stalled projects
RERA revalidation for seven stalled Jaypee projects will expedite construction work and facilitate easier access to home loans from banks, sources said
In a major relief to homebuyers, Suraksha-led Jaypee Infratech has received re-validation of RERA registration for seven stalled projects comprising 10,000 housing units in Delhi-NCR. This will expedite construction work and facilitate easier access to home loans from banks and financial institutions, Suraksha Group officials said.
They said the seven projects whose RERA registration has been re-validated are Jaypee Greens Klassic—D, Jaypee Greens Kosmos—A (Phase II), Jaypee Greens Kosmos—C, Jaypee Greens Kensington Boulevard Apartments, Jaypee Greens Kasa Isles, Jaypee Greens Krescent Homes, and Pebble Court.
These projects combined have 10,082 units in various configurations and sizes. Sources said these units are scheduled to be delivered in a phased manner beginning December 2025, as per the resolution plan.
The company spokesperson said the process of obtaining re-validation of RERA registration of other projects by Jaypee Infratech is also underway.
“Many Jaypee homebuyers faced challenges obtaining home loans without valid RERA registration. As such, the re-validation of RERA registration of the seven projects is expected to immensely benefit homebuyers as they can seek home loans easily now,” said Jash Panchamia, executive director, Jaypee Infratech Limited.
Homebuyers' take
“Surksha has failed on multiple fronts, including mobilisation of the promised ₹3,000 crore fund, deployment of workers and other measures for construction. It does not seem interested in resuming construction,” Ashish Mohan Gupta, president, Jaypee Infratech Real Estate Allottees Welfare Society (JREAWS), was quoted as saying by Hindustan Times.
“Of the seven projects, two projects’ registration has been extended only till December 31, 2025. So we are not sure how this extension is going to help homebuyers. For the other five projects, we expect that Suraksha shall ,and deliver the projects before the expiry of the revalidation period. We thank UP-Rera for stipulating that 90% of the money collected from allottees be utilised for construction. If need be, there shall be a cost audit after three months, along with a monthly progress report,” he told HT.
In June last year, Mumbai-based Suraksha Group took control of Jaypee Infratech Ltd (JIL) by constituting a three-member board. Sudhir V Valia, promoter of Suraksha Group, was appointed as a non-executive director on the JIL board.
The takeover followed the insolvency appellate tribunal NCLAT decision on May 24 last year, upholding Suraksha Group's bid to acquire JIL. The NCLAT had directed Suraksha Group to pay another ₹1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation.
The Corporate Insolvency Resolution Process (CIRP) against JIL began in August 2017 and was initiated by the IDBI Bank-led consortium.
On March 7, 2023, the National Company Law Tribunal (NCLT) approved the bid from Suraksha Group to buy JIL. In May 2024, the National Company Law Appellate Tribunal (NCLAT) approved the resolution of Suraksha Group.
After taking control of the JIL, Suraksha Group has started infusing funds and preparing to start constructing stalled housing projects, where around 20,000 homebuyers are stuck.
Suraksha Group will require ₹6,500-7,000 crore investment to complete nearly 160 residential towers across various projects.
