The Suraksha Group has secured revalidation of the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) registration for seven incomplete housing projects of Jaiprakash Infratech Limited (JIL). This development comes after Suraksha Group took over the debt-ridden real estate company in June 2024, marking a crucial step toward reviving stalled projects and providing relief to thousands of homebuyers.
Significance of UP-RERA Revalidation
Under UP-RERA rules, project registration is issued for a specified duration, primarily covering the construction period and delivery timeline. Once this period lapses, revalidation is mandatory for work to resume legally. The revalidation of these seven projects will facilitate homebuyers in obtaining loans from financial institutions, which was previously a challenge due to the absence of valid registration.
List of Revalidated Projects
The seven projects granted revalidation include:
- Jaypee Greens Klassic – D
- Jaypee Greens Kosmos – A (Phase II)
- Jaypee Greens Kosmos – C
- Jaypee Greens Kensington Boulevard Apartments
- Jaypee Greens Kasa Isles
- Jaypee Greens Krescent Homes
- Pebble Court
Jash Panchamia, Executive Director of Jaypee Infratech Limited, stated that revalidating these projects would significantly benefit homebuyers by enabling them to secure home loans and ensuring construction continuity.
Background of Suraksha Group’s Takeover
Suraksha Group took control of Jaypee Infratech Limited on June 5, 2024, after a prolonged six-year legal battle. The acquisition brought relief to over 20,000 homebuyers who had been waiting for over a decade for possession of their homes. However, despite the takeover, delays in construction and failure to inject the promised ₹3,000 crore funding led to growing concerns among homebuyers.
Legal Action by Homebuyers
On December 22, 2024, a group of homebuyers from the Jaypee Wish Town project in Noida’s Sectors 128, 129, and 130 filed a writ before the National Company Law Tribunal (NCLT). The complaint alleged that Suraksha Group failed to mobilize funds, deploy labor, and implement construction measures, thereby violating commitments made in the resolution plan.
Ashish Mohan Gupta, President of the Jaypee Infratech Real Estate Allottees Welfare Society (JREAWS), criticized Suraksha Group, stating, “Suraksha has failed on multiple fronts, including mobilization of the promised ₹3,000 crore fund, deployment of workers, and other construction measures. It does not seem interested in resuming construction.”
Suraksha’s Response and Project Delivery Timeline
A Suraksha Group spokesperson refuted these allegations, stating that construction has commenced as per the approved resolution plan. The seven projects under revalidation comprise 10,082 residential units, which are scheduled to be delivered in phases, starting December 2025.
However, concerns remain as two of the seven projects received an extension only until December 31, 2025, raising uncertainty over how much progress will be achieved within this limited timeframe. JREAWS has urged UP-RERA to monitor fund utilization strictly, ensuring that 90% of the collected money is spent on construction. The regulatory authority has also mandated a cost audit every three months and a monthly progress report to ensure project completion.
Future Outlook
The revalidation of UP-RERA registration marks a significant milestone in reviving stalled Jaypee Infratech projects, but the successful execution of the resolution plan remains crucial. Homebuyers continue to demand greater transparency, timely infusion of funds, and adherence to delivery timelines to ensure that long-pending housing units are completed without further delay.
