Homebuyers Raise Alarm as Construction Stalls Despite Approval of Suraksha Realty’s Jaypee Infratech Plan

Noida, April 10, 2025: Over 22,000 homebuyers associated with Jaypee Infratech Ltd. (JIL) are once again left disillusioned, as construction across multiple residential projects remains at a near standstill—despite formal approval of Suraksha Realty’s resolution plan by the National Company Law Tribunal (NCLT) over a year ago on March 7, 2023.

Although the effective date of implementation was set as May 24, 2024, not a single project has resumed meaningful construction, prompting the JIL Real Estate Allottees Welfare Society (JREAWS) to take legal recourse. Representing the collective grievances of affected homebuyers, the group has filed an application in the NCLT seeking the formation of a Monitoring Committee to ensure delivery of promised housing units. The matter is scheduled to be heard on April 15, 2025.

Adding weight to the homebuyers’ plea, the Insolvency and Bankruptcy Board of India (IBBI) has supported the application. As of now, Suraksha Realty has yet to file a reply.

Mounting Concerns: Protest Triggers and Inaction
Despite securing all statutory clearances, Suraksha Realty has failed to launch full-scale construction activity. Homebuyers cite a number of pressing issues behind their growing frustration:

Inadequate Labour Deployment: The resolution plan mandated 12,000 workers, but current deployment across 150 towers is estimated at a mere 2,000. This has caused near-total inactivity, especially after several contractors reportedly exited due to non-payment.

Missed Financial Milestones: Suraksha Realty has not arranged the ₹3,000 crore funding facility within the 90-day window post the effective date, as outlined in the approved resolution plan.

Halted Progress at Wishtown: Even construction that had been progressing under the Interim Monitoring Committee has now ceased. No visible activity has been reported at key project sites including Garden Isles, Orchards, and Sunnyvale Homes.

Leadership Vacuums: Key managerial personnel named in the resolution plan have exited. The current team has not held formal communications with elected project-wise buyer representatives, leaving buyers in the dark.

Lack of Transparency: Promised communication tools such as a mobile app, weekly bulletins, and newsletters remain unfulfilled, reversing the transparency that had been maintained during the IMC period.

Pending RERA Compliance: Several JIL projects are still listed in abeyance on the UPRERA portal—well beyond the one-year compliance window required by law.

Supreme Court Proceedings Used as Justification: Suraksha Realty continues to cite pending Supreme Court proceedings as a reason for the delay, despite claiming to have implemented the plan.

JREAWS has also raised serious concerns about the developer’s priorities, accusing Suraksha Realty of acting in self-interest:

Unilateral Fee Hikes: Administrative and transfer charges have been increased arbitrarily, burdening buyers already grappling with uncertainty.

Interest-on-Interest Claims: Despite several buyers clearing their principal dues, the company is allegedly recovering interest on interest—dating back to the insolvency period.

Distressed Resale Push: Suraksha is reportedly sending unsolicited emails promoting resale, without transparency on timelines or fair pricing—raising concerns about attempts to acquire units at discounted rates.

Misuse of Funds: JREAWS alleges that over ₹400 crore, earned from monetization of assets like Jaypee Healthcare, has been diverted to Suraksha group companies rather than being used for construction. The group plans to submit this evidence in the upcoming NCLT hearing.

Delayed Occupancy Certificates: Suraksha has failed to apply for new OCs, handing over only previously approved units.

Suppression of Structural Audit Reports: No structural audit reports have been shared publicly, raising red flags given prolonged exposure of partially built structures to harsh weather conditions.

Unrealistic Timelines: Towers that were promised within 9 to 27 months are nowhere close to completion eight months into the effective period.

JREAWS, in its official statement, appealed to the media to amplify the plight of thousands of stranded homebuyers. “We have waited patiently for over a year since the NCLT approval, but our homes remain incomplete. Our demand is simple: transparency, accountability, and sincere action from Suraksha Realty. The current inaction is not just a delay—it’s a denial of our fundamental right to housing,” the group stated.

Note: Ten News Team has approached JIL officials, once we receive their version this news story will
be updated.

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