After long wait, work begins to complete Jaypee Wish Town towers
07 Apr 2023
2 Min Read
CW Team
The Suraksha Group, which was awarded Jaypee Infratech (JIL) by the NCLT following the company's bankruptcy, has begun construction and completion of 170 towers at a cost of over Rs 5,000 crore. Since the establishment of the five-member Implementation and Monitoring Committee (IMC) last month, the Mumbai-based group has moved to accelerate construction in 62 towers, in addition to 15 where work is currently halted.
Aman, Klassic, and Kensington Park are among the projects on the list. These projects will cost between Rs 1,000 and Rs 1,500 crore, with an additional Rs 450 crore set aside.
While Jaiprakash Associates has been retained as the contractor for the time being, the plan is to increase the number of workers from around 3,500 to close to 5,000-6,000 in the next four to five months. Even for contractors, payment timelines are being reworked to ensure better cash flow and increased activity.
In the case of Wish Town's remaining 82 towers, where work had come to a halt even before the insolvency process began five years ago, JIL has tasked IIT with conducting an assessment of the projects wherever reinforcements are exposed. The plan is to start work over the next three months or so, sources said, adding that this is expected to benefit around 10,000 or more homebuyers, who have been waiting for their properties.
Suraksha has contributed some funds to the project, and Jaiprakash Associates has also contributed Rs 265 crore. It is also proposed that the cash flow from the Greater Noida-Agra Expressway be used for construction activity in the coming months.
The 91 towers where an offer for possession has already been made are also expected to be spruced up, as many of the promised amenities have yet to be delivered, causing resentment among homebuyers. While YEIDA is challenging the NCLT order in the National Company Appellate Tribunal, Suraksha Group has begun the process of hiring for JIL to ensure adequate manpower.
Also Read
Lithium price drop gives Indians hope for more affordably priced EVs
L&T hydrocarbon division wins the ME contract
The Suraksha Group, which was awarded Jaypee Infratech (JIL) by the NCLT following the company's bankruptcy, has begun construction and completion of 170 towers at a cost of over Rs 5,000 crore. Since the establishment of the five-member Implementation and Monitoring Committee (IMC) last month, the Mumbai-based group has moved to accelerate construction in 62 towers, in addition to 15 where work is currently halted.
Aman, Klassic, and Kensington Park are among the projects on the list. These projects will cost between Rs 1,000 and Rs 1,500 crore, with an additional Rs 450 crore set aside.
While Jaiprakash Associates has been retained as the contractor for the time being, the plan is to increase the number of workers from around 3,500 to close to 5,000-6,000 in the next four to five months. Even for contractors, payment timelines are being reworked to ensure better cash flow and increased activity.
In the case of Wish Town's remaining 82 towers, where work had come to a halt even before the insolvency process began five years ago, JIL has tasked IIT with conducting an assessment of the projects wherever reinforcements are exposed. The plan is to start work over the next three months or so, sources said, adding that this is expected to benefit around 10,000 or more homebuyers, who have been waiting for their properties.
Suraksha has contributed some funds to the project, and Jaiprakash Associates has also contributed Rs 265 crore. It is also proposed that the cash flow from the Greater Noida-Agra Expressway be used for construction activity in the coming months.
The 91 towers where an offer for possession has already been made are also expected to be spruced up, as many of the promised amenities have yet to be delivered, causing resentment among homebuyers. While YEIDA is challenging the NCLT order in the National Company Appellate Tribunal, Suraksha Group has begun the process of hiring for JIL to ensure adequate manpower.
Also Read
Lithium price drop gives Indians hope for more affordably priced EVs
L&T hydrocarbon division wins the ME contract
Next Story
ClickPost Launches Atlas to Benchmark E-commerce Logistics
ClickPost, a leading logistics intelligence platform, has launched Atlas, a subscription-based benchmarking tool designed to transform how e-commerce brands strategise logistics. Powered by ClickPost鈥檚 proprietary network, which processes over 50 million shipments each month, Atlas enables brands to benchmark key operational metrics in real time against industry peers and standards.Unlike traditional dashboards, Atlas delivers comparative insights鈥攆rom fulfilment speeds, RTO rates and average order values to city-level delivery times and sales data鈥攁llowing brands to identify operational..
Next Story
Kalyani Launches Two New LivingTree Towers in Bengaluru
Bengaluru-based Kalyani Developers has announced the launch of Towers 3 and 4 at its flagship residential project, Kalyani LivingTree, located in KIADB Aerospace Park. The expansion adds 525 premium 3BHK apartments, ranging from 1300 to 1600 sq ft, and over 7.5 lakh sq ft of built-up area. Prices start from Rs 1.2 crore.These towers, the most exclusive in Phase 1, offer uninterrupted pool and landscape views, and access to over 60 lifestyle amenities, two clubhouses totalling 1 lakh sq ft, and more than 80 per cent open space.LivingTree spans 25 acres and will comprise ten towers of 23鈥�24 fl..
Next Story
Blue Water Logistics IPO opens May 27
Hyderabad-based Blue Water Logistics is launching its Rs 40.5 crore IPO on May 27, 2025, which will remain open for subscription until May 29. The price band has been set at Rs 132 to Rs 135 per share, with a lot size of 1,000 shares. This is a book-built issue entirely comprising a fresh issue of 30 lakh equity shares. The IPO will be listed on the NSE Emerge platform.Smart Horizon Capital Advisors is the sole book-running lead manager, while Maashitla Securities will act as the registrar. The anchor book will open on May 26, 2025. The IPO allocates 8,35,000 shares to anchor investors, 1,56,0..
