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New Delhi: The security groupwho has been awarded Jaypee Infratech (JIL) by NCLT After bankruptcy proceedings against the company, work has begun on the construction and completion of 170 towers at a cost of over Rs 5,000 crore.
Since the five-member Implementation and Monitoring Committee (IMC) was set up last month, the Mumbai-based group has expedited the construction of 62 towers apart from 15 towers where work is not being done. The list includes projects like Aman, Classic and Kensington Park. A source told TOI that Rs 1,000-1,500 crore would be required for these projects and an additional Rs 450 crore has been allocated.
Sources said Jaiprakash Associates, which has been retained as the contractor for the time being, is looking to induct around 5,000-6,000 workers from around 3,500 in the coming four-five months.
In the case of contractors also, the payment schedule is being reworked to ensure better cash flow so that they can ramp up activity.
In the case of the remaining 82 towers in Wish Town – where work had stalled even before the insolvency process began five years ago – JIL has tasked IITs to assess projects where reinforcements have been exposed. There are plans to start the work in the next three months, sources said, adding that it is expected to benefit around 10,000 or more homebuyers who have been waiting for their properties.
Suraksha has put in some funds in the project while Rs 265 crore from Jaiprakash Associates will also be utilised. Also, the Greater Noida-Agra Expressway is proposed to use the cash flow for construction activity in the coming months.
In case of 91 towers where possession has already been offered, they are also expected to develop as many of the promised amenities are yet to be delivered, resulting in resentment among home buyers.
When NCLT The order has been challenged by YEIDA in the National Companies Appellate Tribunal, security group To ensure adequate manpower, JIL has also started the process of hiring.
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