look news india
The name of Jaypee Wish Town project, spread over a large area in and around Sector 128 of Noida, had remained a symbol of the struggle of homebuyers for the last one and a half decade. When the foundation of this huge township was laid in the year 2007-08, thousands of middle class families had invested their lifetime’s hard-earned money thinking that they would get their dream home in 3 to 4 years. However, work came to a halt due to financial mismanagement, debt burden and legal hurdles. Now the entry of Suraksha Group has brought a new hope in this project which was pending for a long time. The security group has officially taken over the reins of the project after getting the green signal from the National Company Law Tribunal (NCLT) and subsequently the National Company Law Appellate Tribunal (NCLAT).
Suraksha Group has planned to invest a huge amount of over ₹5,500 crore to complete the construction of over 20,000 incomplete flats in Wish Town. This huge budget will be used to speed up construction work, pay pending vendors and modernize the infrastructure. As per internal assessment of the company, supply of labor and material is being ensured on a large scale to commence civil work in multiple towers simultaneously at the site. With the liquidity crisis over, construction agencies have also deployed equipment and heavy machinery at the site, due to which the pace of construction is likely to increase manifold in the coming months.
The security group has clarified that it is not practical to complete such a large-scale project all at once, hence phase-wise construction and possession has been planned. The towers whose structure is almost ready will be made ready for delivery in the next few months by giving them finishing work on priority basis. After this, the focus will be on those projects which were stuck only at the foundation or initial civil structure stage. A transparent online portal and tracking system is also being arranged for homebuyers, through which buyers will be able to see the live progress status of their respective flats. This will help in ending the atmosphere of mistrust that has been going on for years.
The reason behind the stalling of Jaypee Wish Town was not only the failure of the promoters, but also the land dues of Noida Authority, compensation of farmers and claims of thousands of crores of rupees from various banks. The Security Group has prepared a consensus based framework among all the stakeholders under the Corporate Insolvency Resolution Process (CIRP). Due to agreement on the terms of loan restructuring with ARC and financial institutions, construction work will no longer be affected by legal cases. Even at the authority level, a special coordination committee is working to quickly clear the pending paper processes and approval of maps.
The impact of the positive movement in Jaypee Wish Town is not limited to this one project only, but it is having a direct impact on the real estate sentiment of the entire Noida-Greater Noida Expressway belt. With the commissioning of this project which was lying dumped for years, the prices of commercial and residential properties in the surrounding sectors (like Sector 126, 127, 129, 132) are also witnessing a rise. Property experts believe that if Suraksha Group is successful in delivering the flats as per the deadline within the next two years, it will not only restore buyer confidence in NCR real estate but will also establish a new model of takeover of defaulted projects.