Hindustan Times ·
UP orders review of approved plans, funds at Jaypee Wish Town
UP govt directs Noida Authority to form a 5-member panel to check whether Suraksha Group’s Jaypee Wish Town flats are being built as per approved plans
The Uttar Pradesh government has directed the Noida authority to constitute a five-member committee to examine whether flats being developed by Suraksha Group in Jaypee Wish Town are being constructed in accordance with approved plans and whether funds collected from homebuyers are being used for construction, according to an official order seen by HT.
Following the direction, Noida authority chief executive officer Krishna Karunesh constituted the committee after a homebuyer complained of alleged irregularities in the construction and development of the project, the order said.
The committee will be headed by Noida authority officer on special duty (OSD) Santosh Kumar and comprise four other members -- two each from the planning and finance departments of the Noida authority and the Yamuna authority.
According to the government order, the committee will examine whether the resolution plan approved by the National Company Law Tribunal (NCLT) is being fully complied with and whether ongoing construction is in accordance with the approved detailed project report (DPR) and layout and site plans.
“It will also check whether any additional tower, floor, dwelling unit, built-up area or other structure is being developed beyond the approved plan. The panel will assess the actual progress of construction and whether funds received from homebuyers are being utilised for the purpose for which they were collected,” Kumar told HT.
The committee has been asked to submit its report within a month, officials said.
Officials said administrative responsibilities for Wish Town are currently divided between two authorities: the Yamuna authority handles land allotment and related matters, while the Noida authority approves building maps and issues occupancy certificates (OCs).
“This makes the functioning complex, and in the upcoming board meeting, we will propose that the entire work related to Wish Town be handed over to either Noida or YEIDA to expedite the work,” Kumar said.
Jaypee Wish Town was developed by Jaypee Infratech Ltd (JIL). The Corporate Insolvency Resolution Process (CIRP) against JIL began in August 2017 following an application by an IDBI Bank-led consortium. On March 7, 2023, the NCLT approved Suraksha Group’s bid to acquire JIL.
In May 2024, the National Company Law Appellate Tribunal (NCLAT) upheld Suraksha’s resolution plan, under which the developer committed to completing the projects within 40 months, officials said.
On Monday, Suraksha Group said it had completed 50% of the planned construction and 84 towers comprising 7,913 units out of the 159 towers that were stalled when it took over JIL’s operations.