Apprise Jaypee homebuyers of project completion details, Yeida tells Suraksha

The Yamuna Expressway Industrial Development Authority (Yeida) chief executive officer Arun Vir Singh on Thursday directed Mumbai-based Suraksha Group, which has taken over debt-ridden realty firm Jaypee Infratech Limited, to share the progress report on stuck projects with homebuyers regularly.

The move comes after a group of homebuyers on Wednesday met Singh and demanded the delivery schedule of their delayed units.“We have asked Suraksha Group to meet with homebuyers and maintain regular communication regarding the progress on projects so that buyers stay informed,” said Singh.

On March 7, 2023, the Suraksha Group’s resolution plan to acquire Jaypee Infratech Limited was approved by the National Company Law Tribunal (NCLT).

Subsequently, Yeida filed an appeal demanding that the new developer pay the authority ₹1,600 crore towards the hiked compensation to be paid to farmers for their land on which these projects are being built. After Suraksha Group agreed to this demand, among others, the Yeida, on September 13, approved Suraksha’s resolution plan and sent the same for approval to the Uttar Pradesh government.

Aalok Dave, MD & CEO, Suraksha Group, said, “Suraksha has submitted the proposal to Yeida for amicably resolving all outstanding issues in relation to Jaypee projects. Suraksha believes that it is in the interest of all stakeholders to amicably resolve the pending issues and ensure swift rehabilitation and revival of the project. We have learnt that our proposal was favourably considered by the board of Yeida and we are pleased to know that it has been forwarded to the cabinet for approval.”

“In a meeting with buyers, we have informed them that the Uttar Pradesh cabinet needs to approve the resolution plan before it gets implemented on the ground,” said Singh.

There are around 22,000 homebuyers who are yet to get their flats as Jaypee Infratech Limited filed for bankruptcy after it failed to pay its loans to the banks.

Ashish Mohan Gupta, president, JIL Real Estate Allottees Welfare Society, vice-president Ishwar Kewalramani and other members, who met with the CEO on Wednesday will now meet Suraksha Group officials to get the latest update on the work on their projects.

“We have observed that there is no statement from the Suraksha Group so far about the settlement that Yeida and the Suraksha Group have reached pertaining to the approval of the resolution plan. But when we met with Yeida CEO, he called Suraksha Group and asked them to share information with us. We will soon meet them and understand the progress on this issue. We have been waiting for our flats since the past 13 years and we have a right a know about the steps being taken by the authorities,” said Gupta.

Suraksha Group is also eagerly waiting the UP cabinet approval of the resolution plan so that it can take over the realty firm’s delayed projects.

“Currently we await the UP cabinet approval so that we can catapult the takeover to the next stage. Besides that, the implementing and monitoring committee formed by the national company law tribunal currently have control of the JIL’s realty estate projects. We will meet buyers and share the progress properly as we have done in the past,” said a Suraksha Group official, asking not to be named.

The official further said, “Now since we are part of the implementing and monitoring committee that was formed in March 2023 as per the NCLT directive, we will communicate with buyers about the progress on projects.”