6,000 flats in Jaypee Wish Town to be delivered by next year


By 2022, about 6,000 apartments in Jaypee Wish Town will be handed over to buyers. Some of them will be newly built. Others have already been completed but require some renovations work before the keys are delivered, according to resolution professional Anuj Jain.

The Supreme Court has reflected about 20,000 apartments in the list of unfinished categories. While the state’s previous NBCC estimates showed about 17,500 unfinished apartments in Wish Town. The resolution specialist has now updated the unfinished floor number to 19,500. 

According to the resolution professionalist Anuj Jain, they originally had 28,000 apartments to complete. Out of which, they have delivered 8,500 already, and now they have to complete 19,500 flats. Of the 8,500 apartments, some still leftover with finishing work including fittings and flooring. So, “We complete them and also finish the construction of some other flats as well, and together we have set a goal of handing in more than 5000 flats by the year 2022. Also, we would have already built at least 4,000 floors, our work had not stopped last year.” Meanwhile, construction work on the Wish Town site has started and labor mobilization continues.

Suraksha and NBCC, two resolution applicants in the JIL resolution case, have submitted their proposal to the Creditor’s Committee (COC). Lenders responded to new offers and asked bidders to make more favorable offers on “land parcels” to pay off the debt. On 17 April, parties from both sides demanded a one-week deadline to submit the second revised proposal.

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Gaurs Group to complete 10,964 pending Amrapali units at Rs 2,124 crore


Developer Gaurs Group is investing Rs 2,123 crore in three pending Amrapali projects. Gaur Group has taken over these projects from state-owned NBCC.  

The group won contracts for the construction of Amrapali Centurian Park, Verona Heights and Heartbeat City with a total of about 10,900 apartments. These projects carried out by the Gaurs Group wholly owned subsidiary GaursonsHitech Infrastructure Pvt Ltd.

Gaurs Group, which has completed over 50 commercial and residential projects of over 54 million square feet, is currently not implementing any major projects.

NBCC involves in the completion of 23 Amrapali housing projects and the estimated cost of implementing these projects is approx. Rs 8,400 crore. The state-owned company has divided Amrapali’s unfinished projects into three categories, and delivery of apartments is expected to begin soon.

There are more than 10,000 home buyers who will get the possession of their apartments till June 2021. They will have to pay the pending amount of flat in 4 installments of 25% each. The rest of the home buyers can pay in 10 installments at 10% according to the delivery schedule.

Words from Gaurs Group-

The government shifted its focus to the infrastructure segment, and as a group we also decided to diversify our activities. We have no major real estate projects at this time and have sold most of our under construction stock. We are only completing Amrapali projects, and NBCC is responsible for the sales of these flats. 

Since our experience is in real estate, it was natural to choose Amrapali projects. We plan to increase our construction portfolio to about Rs 7,000 in the five years. Gaurs Group have invested in construction for many years, and want to increase presence in the infrastructure area and are ready to take on government projects as well.

We issue a monthly invoice to NBCC depending on the completion of apartments. We cover construction costs through internal fees and bank guarantees. The projects will be completed within 36 months of the allotment of tender.

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