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The long-stalled housing projects in Noida and other sites by Jaypee Infratech (JIL) are scheduled to recommence. All outstanding matters pertaining to the takeover by the Suraksha Group, based in Mumbai, have been resolved, which has made it possible for work to resume more quickly and for housing units to be delivered on schedule.
Suraksha Group is required by the National Company Law Appellate Tribunal (NCLAT) to pay Rs 1,335 crore to the Yamuna Expressway Industrial Development Authority (Yeida) over the course of the following four years. In order for Yeida to give farmers a 64.7% increase in land compensation, this payment is essential. Suraksha Group would pay 79% of the additional land compensation of Rs 1,689 crore, which will be divided over four years, as part of the settlement plan that has been authorized. Yeida will pay the remaining 21%, approximately Rs 400 crore.
An Implementation and Monitoring Committee (IMC) made up of representatives from Suraksha, JIL, homebuyers, and an expert in interim resolution now oversees JIL’s operations. This group is anticipated to spearhead the restart of building at nine projects that have reached a standstill at Jaypee’s Wish Town in Noida and other areas.
There are now four projects under construction that will involve 62 buildings and more than 6,000 homeowners. On the other hand, the Kosmos and Kensington Boulevard projects’ 15 towers are still not moving forward. Notably, nine,700 homebuyers have been impacted by the absence of construction activity in 82 towers spread over seven projects during the last ten years. The IMC has already completed the contractor selection process, and Suraksha Group is prepared to award the construction contracts upon formal takeover, guaranteeing a rapid resume of work.
This move promises a new phase of accelerated building and the eventual delivery of the long-awaited housing units, marking a crucial milestone in the protracted tale of stalled projects.
Group Media Publication
Construction, Infrastructure and Mining
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