Suraksha Group has initiated a crucial revival of Jaypee Infratech Ltd (JIL) by infusing ₹250 crore into the once-troubled real estate developer. This strategic move follows the company’s acquisition of JIL through India’s insolvency process and marks a significant step towards clearing a backlog of approximately 20,000 stalled housing units in the Delhi-NCR region. This infusion forms part of a larger plan to revitalise JIL’s operations, particularly in its residential projects. The combined funds of ₹1,250 crore, including the newly injected capital and the ₹1,000 crore already on the books from real estate revenues and toll income from the Yamuna Expressway, will provide the much-needed financial muscle to resume halted projects.
The group has also secured a credit facility of ₹3,000 crore to ensure continuous progress, addressing the core issue of funding for incomplete residential towers. Before Suraksha’s takeover, of the 160 residential towers under JIL’s development portfolio, only 62 were active while the remaining 97 were stalled. Since gaining control, Suraksha has accelerated construction efforts, awarding contracts for 41 stalled towers and preparing to issue orders for the remaining 56. The company aims to pick up speed in construction by October 2024, in an effort to restore faith in its commitment to investors and homebuyers alike.
From a sustainability perspective, this revival effort is poised to impact the larger Delhi-NCR real estate market, which has been grappling with unfinished projects. Suraksha’s infusion and clear roadmap towards completion are not only addressing immediate financial concerns but are also aligned with long-term sustainable urban planning goals. The completion of thousands of residential units will reduce the urban sprawl caused by stalled projects and contribute to the efficient use of land, resources, and infrastructure, essential for sustainable growth in one of India’s largest urban areas.