Suraksha Group Secures UP-Rera Revalidation for Seven Stalled Housing Projects
The Suraksha Group has secured crucial revalidation for the registrations of seven incomplete housing projects formerly managed by Jaiprakash Infratech Limited (JIL). This development has brought much-needed relief to homebuyers in Noida and Greater Noida, who have been waiting for years to receive possession of their homes. The revalidation, granted by the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera), will allow these projects to resume construction and, importantly, enable homebuyers to apply for home loans from financial institutions.
Suraksha Group, a Mumbai-based real estate entity, took over Jaiprakash Infratech Limited (JIL) in June 2024 after a prolonged six-year court battle. JIL had been struggling with financial troubles and debt, which led to a halt in construction for several of its housing projects, leaving thousands of homebuyers in limbo. For homebuyers like Paramjeet Singh, whose family had invested in Jaypee Greens Kasa Isles, this takeover offered a glimmer of hope. The promise of resumed construction was eagerly anticipated, with work expected to start shortly after the acquisition. However, the road to recovery has not been smooth. Suraksha Group has faced challenges, including a lawsuit filed by disgruntled homebuyers of the Jaypee Wish Town project in December 2024, citing delays and the failure to infuse the ₹3,000 crore funding promised under the resolution plan. Yet, despite these tensions, the revalidation of the seven projects offers tangible progress.
The seven housing projects whose registration has been revalidated are:
- 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
According to Jash Panchamia, Executive Director of Jaypee Infratech Limited, many homebuyers were struggling to secure home loans due to the expired UP-Rera registration. The revalidation is expected to significantly ease these difficulties, enabling homebuyers to access financial support and continue with their investment plans. While the revalidation marks progress, not all homebuyers are satisfied. Ashish Mohan Gupta, president of the Jaypee Infratech Real Estate Allottees Welfare Society (JREAWS), expressed concerns about the limited time frame of the revalidation. For two of the seven projects, the registration has only been extended until December 31, 2025, which raises questions about the long-term impact on construction timelines. Gupta further highlighted the issues faced by homebuyers of the Jaypee Wish Town project, who filed a writ petition against Suraksha Group in December 2024. They claimed that the promised funds had not been mobilised and construction had not resumed as expected. Gupta emphasised that Suraksha must meet its financial commitments to ensure the projects are completed on time, or else the homebuyers would continue to face delays in getting their homes.
Suraksha Group has reassured the homebuyers that construction has already begun as per the resolution plan. A spokesperson from the group stated that work is ongoing, with 10,082 units spread across the seven projects whose registration has been revalidated. These units are expected to be delivered in phases, starting in December 2025, in line with the resolution plan. The revalidation also ensures that 90% of the funds collected from allottees will be used strictly for construction, with a cost audit to be conducted every three months. This commitment aims to reassure homebuyers that their investments are being utilised efficiently, with regular updates on progress to be provided. For the homebuyers who have waited for years, the revalidation of the seven projects represents a significant step towards the realisation of their dreams. However, it remains to be seen if Suraksha Group can meet its obligations and deliver the promised homes within the stipulated time. With ongoing challenges and legal action still looming, it is clear that the road ahead will require sustained effort and transparency to satisfy the thousands of homeowners still awaiting their properties. As construction resumes and the process of delivering these homes progresses, homebuyers will be watching closely to ensure that their trust in Suraksha Group is not misplaced.
