Realty firm Jaypee Infratech, acquired by Suraksha Group through insolvency, has said it will invest about ₹3,000 crore over the next two years to complete all stalled housing projects and asserted that all stuck homebuyers would get their apartments by September 2028.

The company also announced plans to develop three new townships on Yamuna Expressway totalling more than 450 acres, PTI reported.

On June 4, 2024, Suraksha Group took control of Jaypee Infratech Ltd (JIL) following insolvency appellate tribunal NCLAT’s decision upholding its bid to acquire the bankrupt real estate company.

In a press conference in Noida, Suraksha Group Promoter Sudhir Valia highlighted that in the last two years, it has completed 84 towers comprising 7,913 units out of the total 159 towers that were stalled when it took over the JIL operations.

Already 5,000 units have been handed over to customers, while the possession of remaining around 3,000 units is pending, he added.

When asked about the deadline to complete all projects, Valia said the company would complete all construction works and give possession to customers by September 2028.

“We are very confident that we will deliver all units in the scheduled time period,” he said.

Asked about total investment done so far and the cost to be incurred, Valia said, “The company has invested around ₹1,500-2,000 crore so far and will invest around ₹3,000 crore to complete all stalled projects”.

He said the investment is more on finishing work of apartments.

On source of funding to meet project cost, Valia said the company has a receivable of ₹1,800-2,000 crore from existing customers. It also earns ₹500 crore annually from toll collection of Yamuna Expressway.

That apart, he said the company has 2,000 unsold units with a potential sales value of ₹2,500 crore.

Mumbai-based Suraksha Group, in its final resolution plan, promised to complete around 20,000 homes across various stuck residential projects and then offer possession to distressed homebuyers.

On expansion, Jaypee Infratech CEO Abhijit Gohil said the company plans to launch three townships, of which two would be residential and one industrial.