Jaypee Greens Krescent Homes Sector 129, Noida

The Supreme Court declined to hear Jaypee Infratech's plea seeking direction to Noida Authority to grant completion certificates to its projects within a 10km radius of a bird sanctuary. The court stated that the central government should make a decision on the issue. The NGT had previously ordered that construction within 10 km of the Okhla Bird Sanctuary would be subject to the decision of the National Board of Wild Life, and authorities should not issue completion certificates without clearance.

The Competition Commission of India (CCI) has ordered an investigation into Jaypee Greens for alleged violations of competition norms in a housing project in Greater Noida. The probe was initiated based on a complaint from a buyer who had booked a villa worth Rs 4.05 crore.

The Supreme Court criticized 13 directors of the Jaypee Group for prioritizing personal gains over the interests of homebuyers and froze their assets. The court stated that the directors should sell personal properties or jewelry to recover money owed to homebuyers. The company was required to submit two installments of ₹150 and ₹125 crore by January 10.

Around 50 to 100 Jaypee homebuyers protested at India Gate, demanding possession of their homes and requesting that the project be completed under the supervision of a Supreme Court committee. Many buyers had invested savings or taken loans and were paying installments without guaranteed possession. Homebuyers urged the government to direct IDBI Bank to favor NBCC's bid for acquisition and prevent liquidation.

The National Company Law Tribunal (NCLT) approved the Suraksha Group's bid to acquire Jaypee Infratech Ltd, providing relief to over 20,000 homebuyers. The ruling paves the way for the completion of more than 20,000 housing units in stalled projects across Noida and Greater Noida. The Suraksha Group will allocate ₹3,000 crores to complete the pending projects, with delivery expected in six months to four years.

The approval of Suraksha Group's resolution plan marks a step in the insolvency proceedings of Jaypee Infratech, offering hope to homebuyers in Delhi and NCR. The resolution plan addresses challenges in delivering housing units in Noida and Greater Noida.

Homebuyers of Jaypee Infratech Ltd (JIL) protested against Suraksha Group for failing to resume construction work a year after the NCLT approved its resolution plan. The protest, organized by JIL Real Estate Allottees Welfare Society (JREAWS), involved approximately 100 homebuyers who marched to Suraksha's office in Sector 128. Work was stalled in 82 towers across six condominiums, including Krescent Homes, affecting 9,321 homebuyers.

A local court in Noida ordered a 100-meter protest-free zone around Jaypee Infratech's headquarters in Sector 128, following a civil suit filed by the company against protesting homebuyers. The court's decision was criticized by homebuyers who claimed it would suppress their ability to voice grievances. The order followed a protest on April 10, where over 125 homebuyers demanded clarity on construction timelines.

Suraksha Group has completed the construction of approximately 5989 flats in Jaypee Wish Town in Noida. The company has obtained occupancy certificates for 31 towers, comprising 3135 units, and the application process is underway for the remaining 32 towers with 2854 flats.