Twenty-odd skeletal concrete towers loom over the internal roads and grassy patches inside the sprawling Jaypee Greens Wishtown complex in Noida, their rusting rebars pointing to the sky. For tens of thousands of homebuyers who committed their lives’ savings to this project 14 years ago, these structures are reminders of a dream that has turned.

Twenty-odd skeletal concrete towers loom over the internal roads and grassy patches inside the sprawling Jaypee Greens Wishtown complex in Noida, their rusting rebars pointing to the sky.

For tens of thousands of homebuyers who committed their lives’ savings to this project 14 years ago, these structures are reminders of a dream that has turned into a nightmare.

Most of the properties in the project, which is centred in Sector 128 and spreads across Sectors 129, 131, 133, and 134, were booked back in 2011. While many buyers were offered possession, albeit with a huge delay, in most towers, only the basic structure is ready yet. These are mere grey shells, still a very long way away from becoming the homes that families can move into.

A generation has grown up in the decade or more since the apartments were booked, but the towers look exactly the same as they did so many years ago. Most homebuyers have completed their payments years ago. But they continue to pay rents, waiting for possession of their own homes in the project.

Shashank (60), who lives in Noida, has been waiting for the possession of his home in Klassik Heights in Jaypee Wishtown since 2011.

“Look at these buildings. People have died waiting for their homes. They spent all their retirement money. I know many such people,” he said as he walked amidst the concrete unfinished structures.

“It has been 15 years. Homebuyers have spent all their money. A generation grows up in this time. Some people are still paying their EMIs,” he added.

“We didn’t have a place to stay for a long time. We lived in a rented apartment. It was very difficult for us. I remain hopeful that I’ll get possession but it’s taking too much time. I had completed the payment in 2016-17 itself,” he said.

In November 2025, the former CMD of Jaypee Infratech Ltd., Manoj Gaur, was arrested by the Enforcement Directorate in connection with a 2018 money laundering case involving the alleged diversion of Rs 13,800 crore of homebuyers’ money.

The case, which pertained to fraud with homebuyers in Noida and Greater Noida, began after homebuyers of Jaypee Wishtown and Jaypee Greens projects filed complaints with the Economic Offences Wings (EOW) in Delhi and UP. Nearly 25,000 homebuyers have been left in the lurch due to non-delivery of their homes.

According to the ED’s prosecution complaint filed in January this year against Gaur, two companies, M/s Jaiprakash Associates Ltd (JAL) and M/s Jaypee Infratech Ltd (JIL), collected over Rs 33,000 crore for the construction and completion of residential projects in Noida and Greater Noida, but allegedly diverted close to Rs 13,000 crore for other purposes.

The alleged diversions of money collected from the homebuyers included investments in Jaypee Group subsidiaries and group concerns such as M/s. Jaypee Healthcare Ltd, M/s Jaiprakash Sewa Sansthan, M/s Jaypee Healthcare, M/s Jaypee Sports International Ltd, the utilization for construction of the Yamuna Expressway project and diversions to entities controlled by Manoj Gaur.

While the ED’s complaint highlights alleged diversion of around Rs 14,000 crore, for the homebuyers, the true cost is also measured in lost years and broken spirit.

Dr J S Bedi (52) who booked his flat in Wishtown back in 2011, has spent over a decade watching the legal machinery grind slowly while his own life remains on hold. Till date, he’s awaiting possession counting the days when he’ll have a place to call his own.

“Since booking my flat, I have been facing prolonged legal and financial hardship due to continuous delays and the absence of a clear resolution. Despite paying a substantial amount as per the builder’s demand schedule, possession has not been delivered within the promised timeline,” he says.

“Over the years, the matter has gone through insolvency proceedings, which has further increased uncertainty and delays. The involvement of multiple authorities has made the situation more complex for homebuyers like me. Financially, my investment remains stuck, preventing me from utilizing those funds productively. Mentally, the prolonged uncertainty has been exhausting, as there is still no clear timeline or assurance. I have consistently followed up through proper channels, but a concrete and time-bound resolution is still awaited,” he adds.

Bedi lives in a rented accommodation with his wife and their two children. As financial difficulties are mounting, he is now trying to sell his flat.

“At present, I am not really hopeful about receiving the possession of my house…the delay has been extremely prolonged and has tested the patience of buyers like me. I sincerely hope that the process is expedited and that the possession is handed over in a transparent and fair manner. This is not merely a property, but the result of years of hard-earned savings and a source of future security for my family. Currently, I am facing severe financial and mental stress,” he said.

As per the ED: “Despite collecting funds from innocent homebuyers and investors, possession of the promised properties was not delivered, and in many cases, construction was either incomplete, delayed indefinitely, or never initiated. In several instances, investors discovered that the concerned projects lacked requisite government approvals.

“…The investigation further establishes that Shri Manoj Gaur played a significant role in concealing the proceeds of crime under the guise of donations, share capital investments and other arrangements. Proceeds of crime were also received in his personal accounts under the guise of exorbitant salary and perquisites, which, as elaborated above, were not commensurate with those of other Key Managerial Personnel of JAL,” the ED is learnt to have said in its complaint.

JAL and JIL were not arraigned as accused in the ED’s prosecution complaint as they were undergoing Corporate Insolvency Resolution Proceedings (CIRP) before an National Company Law Tribunal (NCLT) bench.

On June 4, 2024, the Suraksha Group took control of JIL following the insolvency appellate tribunal NCLAT decision upholding its bid to acquire JIL. The CIRP against JIL started in August 2017 over an application by the IDBI Bank-led consortium. On March 7, 2023, the NCLT approved the bid of the Suraksha group to acquire JIL.

The homebuyers were initially hopeful after the NCLT proceedings but they soon filed an application seeking the constitution of a monitoring committee to oversee the execution of the plan and ensure timely delivery of units. They claimed that even after years of the approval, work had not resumed and they were still waiting for basic construction to begin.

Following a financial and banking account analysis of JIL, the ED filed a complaint against Suraksha. ⁠ Homebuyers had filed multiple complaints against Suraksha with EOW and ED.

On the basis of this complaint, the EOW of the Delhi Police registered an FIR in January against Mumbai-based realty firm Suraksha Group for alleged diversion of over Rs 230 crore which were meant for construction of stalled flats of homebuyers.

The objective of the resolution plan was the revival of Jaypee lnfratech Ltd. by settling debts and completing unfinished housing projects. A total of Rs 12,806 crore worth of claims of homebuyers were admitted. The plan included a commitment to complete all pending flats within a four-year timeframe. Claims worth Rs 9,782 crore of financial creditors were admitted, and the plan also proposed bringing fresh equity infusion for the construction of projects and delivery of homes.

After Suraksha took over, some homebuyers felt a sense of relief, while others were skeptical.

66-year-old Sanjeev Sahani lives with his wife. He booked an apartment in 2012 in the Jaypee Greens Wishtown project called KUBE.

“The construction was stalled in 2014. Two years later we moved the NCDRC (National Consumer Commission). Then the company claimed bankruptcy. In 2023, the resolution plan was approved and awarded to Suraksha. In 2024, the approval of the NCLAT came. We fought in the NCLT for 7 years,” he says.

“The way I see the construction progress I am hoping we will get the keys in 2028 and possession in 2029. This will be after 17 years of booking the flat. There is no justice for a common man,” he adds.

As per the EOW FIR, the “financial conduct of Suraksha Realty was inconsistent with the objectives of the resolution plan approved by the NCLT.”

“Instead of deploying the funds towards completion of stalled housing projects or infrastructure obligations, JIL, under Suraksha’s control, routed substantial amounts to associated entities of Suraksha Group,” it adds accusing the Suraksha Group of indulging in a breach of trust and cheating of the homebuyers.

In January-end, Suraksha moved a petition before the Delhi HC seeking the quashing of the FIR stating that the “complaint by the ED fails to show that at any point of time the petitioners have induced or deceived the homebuyers to part with the property or do an act, which they would not have done otherwise, or any act that could be an offence”.

Even after the handing over of the projects to Suraksha and despite their assurances, many buyers remain cynical. For many, the time for optimism passed years ago and has been replaced by a sense of abandonment.

“I’m doubtful that I’ll ever get my home. I’ve attended hundred NCLT hearings. I’ve protested so many times. People who I knew have passed away. 10 saal se court ke dhakke khaa rahe hain. I don’t think anyone cares for us,” says Bedi.

On February 20, the DHC directed that the homebuyers should be informed that they’re entitled to be heard in the matter. The matter has now been listed for April 27.

“…the ECIR is based on predicate offences which are comprised in multiple FIRs, registered at the instance of several different complainants…In the circumstances, the Investigating Officer is directed to serve intimation upon the appropriate representatives of the complainants in the subject ECIR; and inform them that they are entitled to be heard in the matter,” said Delhi High Court Justice Anup Jairam Bhambani in an order dated February 20.

While the ED is being represented by Standing Counsel Rahul Tyagi, Gaur is being represented by Senior Advocate Sidharth Luthra in the Delhi HC.