From insolvency to delivery: 6,000 Jaypee homes move closer to possession

After a decade in limbo, Jaypee homebuyers finally see possession on the horizon

For thousands of homebuyers who have spent over a decade paying EMIs without possession, a long-awaited turning point may finally be in sight at Jaypee’s Wish Town in Noida.

Suraksha Group, which took over debt-laden Jaypee Infratech Ltd (JIL) through the insolvency process in 2024, has completed construction of 5,989 residential units spread across 63 towers.

The company has secured Occupancy Certificates (OCs) for 3,135 units across 31 towers, clearing the way for possession and registrations to begin for a significant chunk of stranded buyers. Another 2,854 units across 32 towers are awaiting regulatory approvals, with the developer saying OCs are expected over the next few months.

Relief for buyers stuck in limbo

For buyers who have been paying home loan EMIs without possession for years, the issuance of OCs is the first concrete sign that homes may finally be handed over.

“Construction completion is important, but for us the real relief comes only when OCs are issued and possession starts,” said a homebuyer from the Kosmos project, who booked the apartment in 2012.

Jaypee Infratech was admitted to insolvency in 2017, leaving more than 20,000 homebuyers across its Noida and Greater Noida projects in limbo. After multiple failed resolution attempts, Suraksha Group took over the company in 2024, promising time-bound delivery under a court-approved resolution plan.

Another homebuyer and a representative of a Kensington Park homebuyers’ group said that they have seen promises earlier too, so buyers are cautiously optimistic.

“Receiving OCs for 31 towers is a positive development, but the real test will be timely handover, completion of common facilities, and basic services like water and power,” he asserted.

Projects cleared, more awaiting approvals

The towers that have received OCs are spread across projects including JP Kosmos, Klassic, Kensington Boulevard Apartments, and Kensington Park Apartments and Heights, covering 3,135 units.

Jash Panchamia, Executive Director at Jaypee Infratech Ltd, said that 63 towers have been completed and OCs have already been received for 31 towers. He said that the company expects OCs for another 32 towers over the next couple of months.

He said that construction on the remaining towers is progressing and deliveries would be aligned with timelines laid out under the resolution framework.

“Despite crippling restrictions imposed on construction activities due to GRAP rules during winter months every year, we remain fully committed to fulfilling our customers’ expectations and delivering as per the resolution plan,” Panchamia said.

Buyers, however, said that regulatory approvals are critical not only for possession but also for financial closure. “Without an OC, banks don’t allow us to complete registration, and we remain stuck paying EMIs and rent simultaneously. Even a few months’ delay has a real financial impact on families,” said a buyer from the Klassic project.