In what could be termed as a ‘Holi gift’ to homebuyers of Jaypee projects in Noida, the National Company Law Tribunal (NCLT) on March 7, 2023, approved the resolution plan submitted by the Mumbai-based Suraksha Group for Jaypee Infratech through the insolvency process.
This will pave the way for more than 20,000 homebuyers to get possession of the apartments they have been waiting to move into over a decade.
Suraksha Group is promoted by Sudhir Valia, Director of Sun Pharmaceutical Industries Limited. The company, through itself and its associates, affiliates and subsidiaries, has a presence in various fields, including real estate, the revival of stressed assets, BFSI and pharma sectors.
Suraksha Realty Limited was originally incorporated as a partnership firm, named Suraksha Realtors. On April 1, 2008, it was converted into a public unlisted company under the provisions of Part IX of the Companies Act, 1956.
Suraksha Realty, through itself and joint ventures, has developed or is developing 21 residential and commercial projects (including 12 that have been completed) across Mumbai and Thane with a saleable area of 6.63 crore square feet (sq ft).
It is currently developing an affordable housing project in Maharashtra with around 200 buildings or towers in a township similar to Jaypee Wishtown. More than 50,000 units are expected to come up in this township. The Suraksha Smart City affordable housing project in Thane, Mumbai, is spread across more than 350 acres.
Suraksha, through its asset reconstruction company (ARC) arm, is currently reviving 18 real estate projects across Gurgaon, Noida, Agra, Indore and Meerut with a saleable area of 1.96 crore sq ft.
The combined net worth of the company is Rs 3,272 crore. Combined with that of the promoters, the net worth aggregates to Rs 6,537 crore.