Infrastructure firm Jaiprakash Associates said on August 23 that it has entered into joint working arrangements with Gulshan Homz and CRC for completing 619 luxury apartments in Noida.
To fulfill its commitment to customers, the company has "entered into multiple joint working arrangement" with real estate developers Gulshan Homz group of companies and CRC to complete and hand over 619 high-end Golf apartments in Jaypee Greens Wish Town Noida.
Company sources said that work on the projects will begin soon.
As many as 113 apartments in 'Boomerang Residencies' project and 305 flats in 'Kristal Court' project will be jointly constructed by Jaiprakash Associates and Gulshan Homz, the company said in a statement.
The construction of the units is expected to be completed in the next three to 3.5 years, the statement said.
The overall saleable area is 15 lakh square feet, and the investment for project development is from internal accruals and financial partners. The overall construction and delivery of these apartments is expected to be completed in the next 42 months, a statement by Gulshan Homz said.
“We are excited to get these projects, which will help us get the stuck homes delivered to the buyers. It is our way to help the stuck project see the light of the day. As of now, we only have Gulshan Dynasty as a functional project, and we always have a policy of working on three current projects; hence, these two projects fulfill our plans,” said Deepak Kapoor, director, Gulshan Group.
"Kasablanca project comprising of three towers with 201 apartments is being jointly developed with CRC group," the statement by Jaiprakash Associates said.
CRC Group has so far completed two projects in Noida and Haridwar comprising 1150 units while Gulshan Homes Group has delivered 6000 units.
Jaypee Infratech is currently facing insolvency proceedings. Mumbai-based Suraksha group has won a bid to acquire Jaypee Infratech and complete over 20,000 pending flats.
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