Mumbai-based real estate firm Suraksha Group has completed construction of 5,989 housing units across 63 towers at Jaypee Infratech Limited’s (JIL) Wish Town township in Noida and has secured occupancy certificates (OCs) for over 3,100 units, marking a significant milestone in the resolution of one of India’s largest stalled housing projects. The development comes less than a year after Suraksha Group took control of JIL through the insolvency resolution process, reinforcing progress on its commitment to deliver homes to thousands of distressed buyers.

Additionally, Suraksha Group has also applied for OCs of additional 32 towers of Kosmos, Klassic, Kensington Boulevard Apartments, Kensington Park Apartments, Kensington Park Heights and Pebble Court. These 32 towers have a total of 2,854 units, according to a report by Hindustan Times.

The company expects to receive Occupancy Certificates for 32 towers over the next couple of months, it said.

In its final resolution plan, it had promised to complete around 20,000 homes across various stuck residential projects and then offer possession to distressed homebuyers.

“Despite crippling restrictions imposed on construction activities due to GRAP rules during winter months every year, we remain fully committed to fulfilling our customers’ expectations and are working tirelessly to deliver as per the timeline outlined in the resolution plan. Our dedication is evidenced by the completion of 63 towers, with Occupation Certificates (OCs) already received for 31 towers and applications submitted for 32 additional towers. For the remaining towers, construction is going on in full swing and we are confident of delivering these towers as per the resolution plan,” said Jash Panchamia, executive director, Jaypee Infratech Limited, said.

In June 2024, Suraksha Group had taken control of JIL following the insolvency appellate tribunal NCLAT decision upholding its bid to acquire JIL The Corporate Insolvency Resolution Process (CIRP) against JIL was started in August 2017, over an application by the IDBI Bank-led consortium.

In March 2023, the National Company Law Tribunal (NCLT) had approved the bid of the Suraksha group to buy JIL.

In its final resolution plan, the Suraksha group had offered to bankers more than 2,500 acres of land and nearly ₹1,300 crore by way of issuing non-convertible debentures.