by THO
Nearly five months after the Yamuna Expressway Industrial Development Authority (Yeida) approved the Mumbai-based Suraksha Group’s resolution plan to take over the stuck realty projects of Jaypee Infratech Limited (JIL), the matter is to be tabled in the cabinet meeting of the Uttar Pradesh government next week for requisite approval, said officials in the know of the matter.
Thousands of homebuyers have been waiting for more than a decade to get their houses, and their repeated demands for speedy redressal of their issues have so far not yielded any result.
“The Uttar Pradesh industrial development department has been told to prepare a note regarding the Suraksha Group takeover of JIL so that it can be tabled in the cabinet meeting, which is likely to take place next week. It will be up to the cabinet whether to approve the plan or suggest changes. Once approved, Yeida will submit it to the National Company Law Appellate Tribunal to take things forward,” said a government official aware of the development, asking not to be named.
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Yeida, in its 78th board meeting on September 13, 2023, approved Mumbai-based Suraksha Group’s resolution plan to take over stuck realty projects of bankrupt JIL, which failed to deliver around 32,000 units in its different housing projects in Noida and Greater Noida.
Now, the state cabinet nod (kept pending for more than five months) is last and final hurdle in the way of Suraksha Group taking over the debt-ridden company, said officials.
The Yamuna authority while approving the plan, had accepted all five conditions that Suraksha Group put forward for the takeover.
They are: 1) Suraksha Group can purchase floor area ratio of up to 2.6 from the existing 1.5, which means that it can build more floors covering more ground; 2) concession period for toll collection on Yamuna Expressway be increased by an additional 15 years; 3) water bills on stuck realty projects be waived; 4) About 79 acres stuck in Noida’s Sultanpur village be given to the group, and 5) a new company will form a special purpose vehicle, inviting new developers to join hands to complete stuck projects.
On its part, the Yamuna authority had just one condition to make — that Suraksha Group pay the enhanced 64.7% land compensation to farmers before it takes over assets of JIL, said officials.
“This decision related to Suraksha Group and Jaypee Infratech involves around 40,000 farmers and 32,000 homebuyers, whose lives have been affected by these projects. To benefit farmers and homebuyers, we have taken this decision and once the Uttar Pradesh government approves it, issues of affected farmers and buyers will be resolved,” said the official quoted above.
Also Read: Yeida nod for Suraksha Group’s plan to take over stuck realty project of Jaypee Infratech
Suraksha Group refused to comment on the issue.
“We request that the UP cabinet approve Suraksha Group’s plan without any more delay so that our dream of a house will be realized,” said Ashish Mohan Gupta, president of Jaypee Infratech Real Estate Allottees Welfare Association.
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