The real estate arm of once leading player in the market - Jaypee Group - is under insolvency proceeding for years. That, however, is no reason for corporates with interest in the real estate market to stay away from it. According to sources, one of the recent entrants in the race is billionaire Gautam Adani’s real estate arm Adani Realty.
And not without a reason. The Ahmedabad-based group has already made its presence in four cities - including Gururgam in the national capital region. But the Noida real estate market is a hard nut to crack that has kept many leading developers away from it, despite their interests, for years.
Lack of availability of land and clearances required from authorities to acquire land - are two of the most pertinent issues that realtors continue to find difficult to overcome - at least in multiple cases. On the other hand, Jaypee Associates - the parent company of Jaypee’s real estate business that once developed the country’s flagship Yamuna Expressway - a 165 kms 6-lane elevated expressway connecting Noida with Agra - continues to hold large parcels of land along the high speed corridor. As per industry estimates, Jaypee’s land assets adjoining the expressway that includes assets of its flagship Jaypee Infratech - is well over 5,000 acres.
Not only the scale is huge but its is sitting on an asset that is scarce in the region - especially for major real estate developments by any private player. Moreover, the upcoming Noida International A.