Adani Realty is poised to gain control of a massive land bank and a clutch of marquee assets in the National Capital Region (NCR) through Adani Enterprises’ acquisition of debt-laden Jaiprakash Associates Ltd (JAL) — a move that analysts say will mark the group’s entry into North India’s real estate market.
People aware of the resolution process estimate that entities of the Adani Group could ultimately gain access to roughly 3,500–4,000 acres of land tied to JAL and its affiliated projects in and around Noida and Greater Noida, including parts of the Jaypee Sports City area along the Yamuna Expressway. These figures are based on market estimates and earlier insolvency proceedings involving Jaypee group companies, not on any formal disclosure by Adani or the lenders.
Industry experts and analysts told Moneycontrol that this would effectively hand Adani Realty a ready-made North India platform, significantly accelerating its expansion in one of India’s most competitive real estate markets.
On November 19, Adani Enterprises said that lenders to JAL had approved its resolution plan and that the company had received a letter of intent (LoI) from the resolution professional.
The Adani bid is valued at around ₹14,535 crore, according to multiple media reports on the Committee of Creditors’ decision.
The implementation of the plan is subject to the terms of the LoI and final approvals from the National Company Law Tribunal (NCLT).
JAL, part of the Jaypee Group, was admitted into corporate insolvency by the NCLT’s Allahabad bench on June 3, 2024, following petitions by ICICI Bank and other lenders. The company has been under severe financial stress for years; Reuters has reported that it owes around ₹55,000 crore to creditors.
JAL operates across engineering and construction, cement, power, real estate, fertilizers and hospitality sectors, through its subsidiaries and affiliates. In FY25, the company reported consolidated revenue from operations of a little over ₹3,000 crore, while its total consolidated assets stood at about ₹34,600 crore, according to public filings.
Adani Enterprises did not respond to Moneycontrol’s queries. The story will be updated when a response is received.
Adani Realty currently has a substantial presence in Mumbai, Ahmedabad, a few southern markets and a relatively small footprint in Gurugram. The JAL transaction, if cleared, changes that calculus.
“This transaction gives Adani Realty a ready-made North India platform that would otherwise take years to build,” said a senior consultant tracking the deal. “JAL’s land bank in and around Noida and Greater Noida, combined with partially completed projects, allows Adani to scale very fast as a serious NCR player.”
According to people familiar with the assets and market estimates, the land under JAL and its related project entities spans multiple locations in Uttar Pradesh, including Noida, Greater Noida, Agra, Bulandshahr and Aligarh, with a heavy concentration in the Noida–Greater Noida Expressway and Yamuna Expressway belts — among the highest growth corridors in North India.
In addition to raw land, JAL has thousands of undelivered housing units across various Jaypee-branded projects in Noida and Greater Noida. It also owns and operates premium hotels and resorts in Greater Noida, Agra, Delhi, and Mussoorie, which would bolster Adani’s hospitality footprint once integrated.
One of the most high-profile assets developed by the Jaypee Group is the Buddh International Circuit (BIC) at Jaypee Sports City in Greater Noida — India’s first Formula 1 racetrack and the venue for the Indian Grand Prix between 2011 and 2013.
While BIC and parts of the surrounding sports city land are currently controlled or overseen by the Yamuna Expressway Industrial Development Authority (YEIDA) because of unpaid dues, any resolution of JAL’s liabilities in the region is expected to reopen the conversation around monetisation and redevelopment of the broader Jaypee Sports City area.
Industry experts say that, over time, the circuit and adjacent land parcels could be leveraged for sports tourism, large-format entertainment, mixed-use real estate, and logistics, depending on how the final asset carve-out and regulatory approvals are structured.
Analysts see the JAL acquisition as a potential North India growth engine for Adani Realty, giving it immediate scale across multiple segments.
“The acquisition gives Adani a blend of ready-to-build land, ongoing developments and strategic infrastructure-linked assets,” said another consultant. “Adani Realty can fast-track residential and mixed-use launches, and the large, contiguous land parcels in Noida and Greater Noida are particularly suitable for integrated townships, plotted developments, luxury housing and even data centre parks — an area where the Adani Group is already expanding aggressively.”
The synergy is not limited to housing. With Adani’s growing ambitions in data centres, infrastructure and urban utilities, the Yamuna Expressway belt — close to the upcoming Noida International Airport — is seen as a natural fit for high-intensity commercial, industrial, and digital infrastructure projects.
Adani’s financial strength and execution track record, analysts argue, will be critical in stabilising assets that have long been constrained by debt, litigation, and stalled development.
“Many of these projects have been stuck for years because the promoter’s balance sheet simply couldn’t support completion,” one analyst said. “A stronger sponsor like Adani, with a national portfolio and easier access to capital, materially changes the odds of timely completion and large-scale monetisation.”
For homebuyers in long-delayed Jaypee projects, the resolution plan’s final contours — including how liabilities and obligations are allocated — will determine how quickly unfinished apartments can move towards completion. But, the arrival of a deep-pocketed player with a long-term interest in the region is being viewed by many stakeholders as a positive signal.
If the NCLT gives its final nod to the plan, the JAL acquisition will not only deepen Adani’s presence in cement and infrastructure but also recast Adani Realty as a formidable NCR player, reshaping the competitive landscape in North India’s most prominent real estate market.
(ADVERTORIAL DISCLAIMER: The above release has been taken from Money Control. No editors from The Mainstream were involved in creation of this content.)
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.
