Construction work is set to resume on Jaypee Infratech's (JIL) stuck housing projects Noida and other locations. All the issues holding up the takeover of JIL by Mumbai-based Suraksha Group have been resolved, and the Group is likely to take over JIL and expedite construction work to deliver the units.

National Company Law Appellate Tribunal (NCLAT) has directed that Suraksha Group will have to pay Rs 1,335 crore to Yamuna Expressway Industrial Development Authority (Yeida) over the next four years so that the authority can provide 64.7 percent hiked land compensation to farmers. The NCLAT approved the Suraksha Group’s resolution plan in which it will give 79 percent of  Rs 1,689 crore farmers’ additional land compensation in four years. The authority will pay the remaining 21 percent, which is around Rs 400 crore to farmers as additional land compensation.

JIL’s day-to-day affairs are currently managed by the an implementation and monitoring committee (IMC) comprising officials of Suraksha, JIL, homebuyers and an interim resolution professional. With this, it is expected that work will be restarted at nine stalled projects of Jaypee’s Wish Town in Noida and other locations.

At present, work is ongoing for four projects comprising 62 towers and involving over 6,000 homebuyers. However, there are 15 towers in Kosmos and Kensington Boulevard where work is halted. There are 82 towers across seven projects, where there was no construction activities for the last 10 years, affecting 9,700 homebuyers. The IMC has already finalised contractors, and following the takeover, Suraksha can award the work.