Jaypee Infratech, now under Suraksha Group, commits ₹3,000 crore over two years to finish stalled housing projects and develop new townships along the Yamuna Expressway, signalling a major turnaround in India’s protracted housing crisis.
Jaypee Infratech is planning to spend ₹3,000 crore over the next two years as it accelerates work on stalled housing projects that have left thousands of buyers waiting for homes. The company, now under Suraksha Group management, is also looking at new development opportunities along the Yamuna Expressway as it tries to move beyond years of delays.
According to PTI, the immediate focus remains on finishing incomplete towers and handing over apartments. Suraksha Group promoter Sudhir Valia said construction has been completed in 84 towers with 7,913 homes over the past two years, after the takeover found unfinished work across 159 towers. About 5,000 units have already been delivered, while roughly 3,000 are still pending.
The revival effort is being funded through a mix of existing resources, customer dues and toll income. PTI reported that homebuyers still owe the company about ₹1,800 crore to ₹2,000 crore, while the Yamuna Expressway toll road brings in about ₹500 crore a year. Jaypee also has around 2,000 unsold homes that it estimates could raise nearly ₹2,500 crore if sold. The broader resolution plan is meant to complete about 20,000 homes in all.
The company is also preparing three township projects on more than 450 acres along the expressway. CEO Abhijit Gohil said two will be residential and one industrial, with the parcels spread across 256 acres, 124 acres and 85 acres. PTI said the projects are expected to be launched in the current and next financial year.
Jaypee Infratech was pushed into insolvency in August 2017 after a petition by an IDBI Bank-led consortium. The National Company Law Tribunal approved Suraksha Group’s resolution plan on March 7, 2023, and control passed to Suraksha on June 4, 2024, after the National Company Law Appellate Tribunal upheld the bid. The latest spending plan marks another step in a long and closely watched attempt to resolve one of India’s most prolonged real estate distress cases.
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