Jaypee launches Rs.1,800-cr project

    Jaypee Group
    In a major morale booster to the realty sector, Jaypee has recently claimed that it will restart construction at its mammoth Wish Town project in Noida as it has already received Rs.1,800 crore financing from banks. Work on the project with about 32,000 flats and 3,000 plots across 800 acres along the Noida-Greater Noida Expressway, had come to a standstill with Jaypee having handed over only 5,500 flats, said executive chairman of Jaiprakash Associates, Manoj Gaur, adding that it has recently assured homebuyers that construction on 50 towers out of 305 has already started in Wish Town, 250 of which are incomplete. It will release the construction schedule of all the towers by April 29. He further added that the company received the approval to complete the sale of its cement plants for Rs.16,500 crore to Kumar Mangalam Birla Group and UltraTech Cement, banks have agreed to extend working capital of Rs.1,800 crore to the company to launch the projects in question.
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