Suraksha Group-led Jaypee Infratech Announces Massive Investment

In a bold move to complete pending housing projects, Suraksha Group-led Jaypee Infratech has unveiled plans to invest approximately Rs 6,000 crore over the next three years. The initiative aims to deliver 20,000 housing units, adhering strictly to the deadlines set in the approved resolution plan.

Commitment to Timelines and Homebuyers

Following its acquisition in June last year, Suraksha Group has not only established a three-member board but also welcomed promoter Sudhir V Valia as a non-executive director. The company's CEO, Abhijit Gohil, has reaffirmed their dedication to the project's timeline, emphasizing the completion of 20,000 homes within 40 months starting August 2024.

Project Details and Progress

The ambitious project involves the completion of 159 towers in Wishtown township, Noida, Uttar Pradesh, comprising 16,500 units. With 62 towers needing only finishing touches and 97 requiring substantial construction, the company has mobilized over 20 contractors and 3,200 laborers, with plans to increase the workforce progressively.

Financial and Operational Updates

JIL's Executive Director, Jash Panchamia, highlighted the total construction cost estimate of Rs 6,000 crore, with access to a Rs 3,000 crore credit line earmarked for construction expenses. The company has already secured occupation certificates for 22 towers, marking the beginning of the handover process, with applications submitted for an additional 12 towers.