Noida: There is good news for Jaypee Infratech flat buyers. Real estate company Suraksha Group has speeded up the work to provide flats to about 20 thousand people stuck in Jaypee Infratech’s 160 residential projects. After acquiring Jaypee Infratech through the bankruptcy process, an investment of Rs 250 crore has also been made by the security company. Apart from this, Jaypee Infratech has also arranged a loan of Rs 3 thousand crore to complete about 20 thousand incomplete flats in Delhi-NCR.
Suraksha Group has invested Rs 250 crore in it in the form of equity and debt
Jaypee Infratech Limited has about one thousand crore rupees in cash in its books. The company has collected this money from the real estate business and the toll income of the Yamuna Expressway connecting Greater Noida and Agra. After taking control of Jaypee Infratech Limited (JIL) in early June, Suraksha Group has invested Rs 250 crore in it in the form of equity and debt. Due to this JIL now has a fund of Rs 1,250 crore.
Rs 7 thousand crore to complete about 160 residential towers in various projects
Suraksha Group has also arranged a loan of Rs 3 thousand crore to complete the projects of Jaypee Infratech. This will ensure that there is no shortage of money to complete all the stalled projects. But Suraksha Group will need an investment of about Rs 7 thousand crore to complete about 160 residential towers in various projects.
Construction work accelerated in 62 towers
Before the acquisition of Suraksha Group, construction work was going on in only 62 towers out of 160 towers of Jaypee Infratech, while activities on the remaining 97 towers were completely halted. Suraksha Group has accelerated the pace of construction in all the 62 towers. Apart from this, the process of application for obtaining a completion certificate has also been started to give possession of the flats of completed towers to the buyers and make them the owners of the flats.
Tenders issued
Out of the 97 towers of Jaypee Infratech which are completely stalled, Suraksha Group has given tender to several construction companies to complete the construction work of 41 towers. Tenders will be issued soon to complete the construction work of the remaining 56 towers.
Suraksha Group is working towards providing flats to buyers
Suraksha Group acquired control of Jaypee Infratech in June this year. Since then, Suraksha Group has been working towards providing flats to buyers. Suraksha Group first wants to complete those 62 towers whose construction work was going on. Preparations are being made to start work in most of the remaining 97 towers from October.
Jaypee Infratech’s board reconstituted
After the decision of the National Company Law Appellate Tribunal (NCLT), Suraksha Group acquired Jaypee Infratech on June 4. NCLT also ordered Suraksha Group to pay an additional Rs 1334 crore to Yamuna Authority as compensation to farmers.
Alok Champak Dave was appointed as the executive director
The company reconstituted the board of Jaypee Infratech and Suraksha Group promoter Sudhir V Walia was appointed as the non-executive director of Jaypee Infratech’s board. Alok Champak Dave was appointed as the executive director and Usha Anil Kadam as the independent director.