Noida: Suraksha Group gets UP-Rera registration revalidated for seven stuck projects of JIL

The Suraksha Group on Monday said it has got the registration, issued by the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera), revalidated for seven incomplete housing projects of Jaiprakash Infratech Limited, the company that the group took over last June.

According to UP-Rera rules, a project registration is issued for a specific period of time -- basically, the time required for construction and delivery of units to homebuyers -- after which the registration lapses and has to be mandatorily revalidated for construction to resume.

Suraksha Group officials said the revalidation will help homebuyers obtain loans from financial institutions.

The seven projects whose registration has been revalidated are Jaypee Greens Klassic – D, Jaypee Greens Kosmos - A (Phase II), Jaypee Greens Kosmos - C, Jaypee Greens Kensignton Boulevard Apartments, Jaypee Greens Kasa Isles, Jaypee Greens Krescent Homes, and Pebble Court.

“Many Jaypee homebuyers were facing challenges in obtaining home loans in the absence of valid UP-Rera registration. As such, the revalidation of UP-Rera registration of the seven projects is expected to immensely benefit homebuyers as they would be able to seek home loans easily now,” said Jash Panchamia, executive director, Jaypee Infratech Limited.

After a six-year long court battle, Mumbai-based Suraksha Group on June 5, 2024, took over the debt-ridden Jaypee Infratech Limited and the work was supposed to start at the site soon after the takeover.

The takeover gave major relief to at least 20,000 homebuyers who have been waiting for over a decade to get their homes. However, the disgruntled homebuyers of Jaypee Wish Town project in Noida’s sectors 128, 129 and 130 on December 22, 2024, filed a writ before the National Company Law Tribunal against the Suraksha Group for failure to infuse ₹3,000 crore funds and resume construction.

“Surksha has failed on multiple fronts, including mobilisation of the promised ₹3,000 crore fund, deployment of workers and other measures for construction. It does not seem interested in resuming construction,” said Ashish Mohan Gupta, president, Jaypee Infratech Real Estate Allottees Welfare Society (JREAWS).

Suraksha spokesperson said construction work has started as promised in the resolution plan. There are 10,082 units in these seven housing projects, whose registration has been revalidated, the spokesperson said.

These units are scheduled to be delivered as per the resolution plan in a phased manner beginning December 2025, Suraksha said.

“Of the seven projects, two projects’ registration has been extended only till December 31, 2025. So we are not sure how this extension is going to help homebuyers. For the other five projects, we expect that Suraksha shall construct and deliver the projects before the expiry of the revalidation period. We are thankful to UP-Rera for stipulating that 90% of the money collected from allottees be utilised for construction and if need be, there shall be a cost audit after three months along with monthly progress report,” said Ashish Mohan Gupta, president, JREAWS.