RERA Re-validation Unlocks Progress for 10,000+ Units: Suraksha Group Revives Jaypee Infratech
Jaypee Infratech Ltd, under the control of Suraksha Group, has secured the re-validation of RERA registration for seven previously stalled real estate projects in Delhi-NCR. This development is set to significantly accelerate construction work and expedite the delivery of properties to thousands of homebuyers who have been eagerly awaiting possession.
In June of last year, the Mumbai-based Suraksha Group took over Jaypee Infratech Ltd (JIL) by forming a three-member board. Sudhir V Valia, the promoter of Suraksha Group, was appointed as a non-executive director on the JIL board. This takeover followed a decision by the National Company Law Appellate Tribunal (NCLAT) on May 24, 2024, which upheld Suraksha Group’s bid to acquire JIL. As part of the acquisition, the NCLAT directed Suraksha Group to pay an additional Rs 1,334 crore to the Yamuna Expressway Industrial Development Authority (YEIDA) as compensation for farmers.
The re-validation of RERA registration for these seven projects is a crucial step forward. It will not only expedite project completion but also facilitate easier access to home loans from banks and financial institutions, according to industry sources.
The seven projects that have received re-validation 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. Collectively, these projects encompass a total of 10,082 units of various configurations and sizes. These units are scheduled to be delivered in phases, beginning in December 2025, as per the resolution plan.
Efforts to re-validate the RERA registration of other JIL projects are also underway, with expectations of successful completion soon.
The Corporate Insolvency Resolution Process (CIRP) for JIL was initiated in August 2017 by the IDBI Bank-led consortium. On March 7, 2023, the National Company Law Tribunal (NCLT) approved Suraksha Group’s bid to acquire JIL, and in May 2024, the NCLAT gave its final approval.
Since taking control of JIL, Suraksha Group has begun infusing funds and preparing to resume construction on the stalled housing projects, which have left approximately 20,000 homebuyers in limbo.
To complete nearly 160 residential towers across various projects, Suraksha Group estimates it will require an investment of Rs 6,500-7,000 crore. In its final resolution plan, Suraksha Group offered bankers over 2,500 acres of land and nearly Rs 1,300 crore through the issuance of non-convertible debentures. The group also pledged to complete all stalled projects within the next four years.
Lenders of Jaypee Infratech had previously submitted a claim of Rs 9,783 crore.