Jaypee_Flats Real Estate

UP RERA lifts curbs on 7,700 apartments in Noida, Ghaziabad in relief for homebuyers

The statutory real estate regulator for Uttar Pradesh has removed 12 projects in Noida and Ghaziabad from its ‘Abeyance’ list, paving the way for work to resume on more than 7,700 apartments across the two cities, officials said on Tuesday.

The lifting of curbs on these projects, some of which have been stalled for more than a decade, provides significant relief to buyers waiting for builders to deliver their homes.

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) describes ‘Abeyance Projects’ as those in which “promoters have failed to upload key documents such as land records and approved maps on the UP RERA portal”. It cautions homebuyers against committing to projects in the UP RERA Abeyance list.

In all, curbs have been lifted on 5,663 units in six projects in Noida and 2,062 units in six projects in Ghaziabad, officials said (Representative image/File Photo)

The statutory real estate regulator for Uttar Pradesh has removed 12 projects in Noida and Ghaziabad from its ‘Abeyance’ list, paving the way for work to resume on more than 7,700 apartments across the two cities, officials said on Tuesday.

The lifting of curbs on these projects, some of which have been stalled for more than a decade, provides significant relief to buyers waiting for builders to deliver their homes.

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) describes ‘Abeyance Projects’ as those in which “promoters have failed to upload key documents such as land records and approved maps on the UP RERA portal”. It cautions homebuyers against committing to projects in the UP RERA Abeyance list. Story continues below this ad

Among the projects removed from Abeyance are Jaypee Greens Garden Isles and Jaypee Greens The Orchards, with 3,284 and 1,265 units respectively, in Jaypee’s Wish Town project along the Noida-Greater Noida Expressway.

Also removed from the list are Winsten Park and Galactic City-Universal Tower in Greater Noida West, Grandprix Mega Suites in Greater Noida, and Greenbay Golf Homes on the Yamuna Expressway in Greater Noida.

In all, curbs have been lifted on 5,663 units in six projects in Noida and 2,062 units in six projects in Ghaziabad, officials said. Work on some of these projects have been stalled since 2014 or 2016, officials said.

“This paves the way for timely completion of housing units and enables buyers to receive ownership of their homes sooner. Promoters who have now submitted all required documents can begin work on their projects in compliance with RERA regulations,” an official said.

UP RERA chairman Sanjay Bhoosreddy said that the objective of RERA was to establish transparency and trust in the real estate sector. “The decision to remove projects which have completed all necessary documentation from the Abeyance list is an important step in this direction. This will not only provide relief to homebuyers but also infuse fresh energy into the state’s economy.”

Officials said the Abeyance list was created in August 2024 to force compliance by developers who had failed to upload documents such as land records, approved maps, and inventory details on the RERA portal despite repeated notices.

“The aim was to provide homebuyers and the general public with clear and accurate information about the status of such projects, enabling them to make well-informed and secure investment decisions,” the official quoted above said.

“We had been issuing notices to the builders but to no avail. So we decided to put them into an Abeyance list for buyers to see and understand that the status of the projects was not clear and consider it as doubtful. Most of the promoters had said that due to technical reasons and lack of time in the initial phase, they could not provide complete details. Considering this situation, RERA had provided promoters with the facility to edit and update their project information on the portal,” the official said.

UP RERA was established in October 2016 after Parliament passed the Real Estate (Regulation and Development) Act, 2016 for the regulation and promotion of the real estate sector, to protect the interest of consumers, and to establish an adjudicating mechanism for speedy dispute redressal.

Ashish Mohan Gupta, president of the Jaypee Infratech Ltd (JIL) Real Estate Allottees Welfare Society said the removal of Garden Isles and The Orchards from the Abeyance list was a “positive development”.

“However, the flip side is that the plan approvals by the Authority for both projects have only been revalidated until 31-12-2025 as updated on the website of UP RERA. We still need to verify the validity of their UP RERA registrations, as banks do not disburse home loans without a valid registration,” Gupta said.

He added that “Several projects still remain on the Abeyance list, namely Sunnyvale, Tanishq Square, and Wishpoint. It remains unclear why Suraksha Realty [which took over Jaypee Infratech following insolvency proceedings] has not been able to secure revalidation for these projects in an expeditious manner.”

Jaypee_infratech Real Estate

Jaypee Infratech MD and CEO Aalok Champak Dave resigns

Noida: Jaypee Infratech Ltd’s Managing Director and Chief Executive Officer Aalok Champak Dave has resigned from the company citing personal reasons. The company has appointed Abhijit Gohil as the new Chief Executive Officer (CEO).

“We wish to inform you that that the Company has received intimation dated 13th November, 2024 from Mr. Aalok Champak Dave, Managing Director & Chief Executive Director of the company, conveying his resignation due to personal reasons from the position of: 1. Chief Executive Officer with effect from closing hours of 24th November 2024; and 2. Managing Director / Director with effect from close of business hours on 30th November 2024, due to personal reasons,” the company said in a regulatory filing.

Dave joined Suraksha Group in 2015 and has been involved in the process of acquiring Jaypee Infratech for the last six years.
Meanwhile, Jaypee Infratech Ltd has reported a consolidated net profit of ₹88.20 crore for the September quarter. The company had posted a net loss of ₹588.31 crore in the year-ago period. Total income declined to ₹222.86 crore in the second quarter of the 2024-25 fiscal year from ₹357.92 crore in the corresponding period of the previous year, according to a regulatory filing on November 15.

The back story

Mumbai-based Suraksha Group took control over the embattled real estate firm Jaypee Infratech in June this year by constituting a three-member board giving relief to more than 20,000 homebuyers whose investments are stuck across various projects being developed in Delhi-NCR. The takeover followed the insolvency appellate tribunal NCLAT decision on May 24, 2024, upholding Suraksha Group’s bid to acquire JIL. The date of the NCLAT order, May 24, has been treated as the ‘Approval Date’ as defined in the approved resolution plan.

The NCLAT had directed Suraksha Group to pay an additional ₹1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers. Many players, including YEIDA have filed petition in the Supreme Court against the NCLAT order and the matter is sub-judice.
After taking control of the JIL, Suraksha Group has been infusing funds as well as preparing for commencing the construction of stalled housing projects where around 20,000 homebuyers have invested.
Jaypee Infratech went into Corporate Insolvency Resolution Process (CIRP) on August 9, 2017 over an application by the IDBI Bank-led consortium. On March 7 last year, the NCLT approved the bid of the Suraksha group to buy JIL. However, many parties, including YEIDA, filed a petition in the NCLAT challenging the NCLT order.