News: Unitech restarts construction of South Park project in Gurugram-02-09-2024
In a relief to hundreds of homebuyers who have been waiting for nearly a decade, Unitech's stalled residential project South Park, located in Sector 70, has finally resumed construction.
The project, which was halted in 2013, is now set to move forward and be completed within the next three years. The South Park project originally aimed to deliver 832 flats spread across 27.4 acres, but only 672 units were sold before the project was stalled.
"We expect 8 to 9 towers to be completed in 24 months, but the completion of the entire project, with basements for parking and other infrastructure facilities, will take around 36 months," said Ashok Yadav, CEO of Unitech Ltd.
Launched in 2008, construction started in 2011 after the approval of building plans, but work came to a grinding halt in 2013 due to financial difficulties and internal company turmoil.
However, the newly appointed management, which took charge following a Supreme Court order, proposed a resolution framework in July 2020 to revive the project. This framework, which included the engagement of Project Management Consultants (PMCs), laid out a roadmap for completing the unfinished housing units across Unitech's pan-India projects. Despite the renewed efforts, the commencement of on-ground construction was delayed till July 2024 due to pending clearances from the Ministry of Environment, Forest and Climate Change (MoEF&CC) and approvals from the Haryana State Pollution Control Board.
According to officials, all necessary clearances have now been secured. To improve the project's financial viability, the new management also plans to expand the development by acquiring an additional 4.31 acres of land adjacent to the existing site, bringing the total project area to approximately 31.7 acres. A 66 kV overhead line running through the site will also be shifted away, further improving the project's safety and aesthetics. One of the homebuyers, SL Juneja, who booked a flat in 2012, expressed cautious optimism at the development. "We have been waiting for over 12 years and it has been a long, painful struggle. Now seeing the work finally start again gives us some hope but the next six months will be crucial to see whether they will stick to the timeline," he said.
A ceremony was held at the project site on Sunday to mark the official resumption of work, with several buyers in attendance. YS Malik, chairman and managing director of Unitech Ltd, said two contractors were tasked with completing the project on time. He also addressed concerns related to the safety and quality of the existing structures. "IIT Roorkee has been engaged to assess the constructed towers, ensuring that the buildings meet all necessary health and safety standards. While directions have been issued to expedite the work, there will be no compromise on quality. We are committed to ensuring this emerges as a good project," he said.
"To ease the financial burden on homebuyers, a proposed quarterly payment plan will allow them to make payments in 11 instalments. However, buyers will need to bear an additional cost of Rs 50,000 for the installation of solar backup systems," he added. During the meeting, homebuyers also raised the matter of securing loans from the banks. "Although we are happy with the development, depositing the first instalment on such a short notice is a challenge for many buyers. The Supreme Court needs to intervene and direct banks to release the remaining balance. We will approach the court," said Rishi
Gambhir, a member of the South Park Buyers Welfare Association. Most buyers have deposited 30% to 40% of the cost of their flats. The flats' cost ranges between Rs 80 lakh and Rs 1.30 crore.
