NBCC, Suraksha Realty submit revised bid for Jaypee Infratech

State-run construction company NBCC and realty developers Suraksha Realty have submitted their respective revised bids to acquire debt-stressed Jaypee Infratech under the insolvency process. Suraksha Realty has upped its offer to Rs 7,900 crore to lenders and possession in 3 years to over 22,000 homebuyers. In the earlier round of bidding, Suraksha had offered Rs 5,000 crore. NBCC has offered lenders 1,426-acre land worth around Rs 5,000 crore and 50% of around 3,000 apartments that have no claimants, said two persons with direct knowledge of the development. As per the revised bid, Suraksha Realty has offered to pay Rs 25 crore upfront to lenders and land parcels spread over 1,950 acres valued over Rs 7,800 crore. Suraksha is planning to give delivery of all the stuck projects in 3 years and if it fails to do so it has offered to pay penalty of Rs 10 per sq ft per month to homebuyers. In addition to this, Suraksha will be paying Rs 100 crore to homebuyers as compensation for earlier delay. This amount will be paid by Suraksha after selling the additional floor area ratio or in the form of land parcels to the homebuyers’ trust.