Suraksha Group Accelerates Construction of Nearly 20,000 Flats after Acquiring Jaypee Infratech

Suraksha Group, following its acquisition of Jaypee Infratech Ltd through the insolvency process, has identified 2,552 acres of land parcels for lenders. The group has taken control of JIL, infused capital, and geared up to complete around 20,000 unfinished flats in the Delhi-NCR region. Construction activities are slated to be in full swing by October.

Suraksha Group has swiftly moved into action after acquiring Jaypee Infratech Ltd (JIL) through the insolvency process, allocating 2,552 acres of land for the bankrupt realty firm's lenders. The acquisition was solidified following a favorable National Company Law Appellate Tribunal (NCLAT) decision on May 24.

Sources have confirmed that Suraksha Group earmarked 2,372 acres for lenders and 180 acres specifically for ICICI, with assistance from real estate consultant CBRE in identifying these land parcels. JIL held around 6,250 acres in the Delhi-NCR region and adjoining areas.

Suraksha Group has already infused Rs 125 crore as equity and Rs 125 crore as debt into JIL. The group is actively arranging a Rs 3,000 crore loan to complete around 20,000 unfinished flats in Delhi-NCR. They also plan to invest Rs 6,500-7,000 crore to finish constructing 160 residential towers, accelerating construction in previously stalled projects. Additionally, Suraksha Group is managing Rs 1,000 crore in JIL's cash balance from real estate and toll revenue, bringing total cash available to Rs 1,250 crore.

(With inputs from agencies.)