After long wait, work begins to complete Jaypee Wish Town towers

NEW DELHI: The Suraksha Group, which has been awarded Jaypee Infratech (JIL) by NCLT following
bankruptcy proceedings against the company, has started moving on construction and completion of 170
towers at cost of over Rs 5,000 crore.
Since the five-member Implementation and Monitoring Committee (IMC) was set up last month, the
Mumbai-based group has moved on speeding up construction in 62 towers, in addition to 15 where work
is not taking place. The list includes projects such as Aman, Klassic and Kensington Park. These projects
will require an outgo of Rs 1,000-1,500 crore, and an additional Rs 450 crore have been allocated, a
source told TOI.
While Jaiprakash Associates has been retained as the contractor for the moment, the idea is to increase the
labour involved from around 3,500 to close 5,000-6,000 workers in the coming four-five months, sources
said.
Even in the case of contractors, the payment timelines are being reworked to ensure better cash flow so
that they can step up activity.
In case of the remaining 82 towers at Wish Town – where work had come to a standstill even before the
insolvency process began five years ago – JIL has tasked IIT to undertake an assessment of the projects
wherever reinforcements are exposed. The plan is to start work over the next three months or so, sources
said, adding that this is expected to benefit around 10,000 or more homebuyers, who have been waiting
for their properties.
Suraksha has brought in some funds into the project while Rs 265 crore that has come from Jaiprakash
Associates will also be deployed. Also the cash flow from the Greater Noida-Agra Expressway is
proposed to be used for construction activity in the coming months.
In case of the 91 towers where offer for possession has already been given are also expected to be spruced
up as a lot of facilities that had been promised have not been given so far, resulting in resentment among
homebuyers.
While the NCLT order has been challenged in the National Company Appellate Tribunal by
YEIDA, Suraksha group has also begun the process of hiring for JIL to ensure that there is adequate manpower.