Unitech resumes South Park construction in Gurugram after a decade

06 Sep 2024 CW Team

Originally launched in 2008, South Park aimed to deliver 832 flats over 27.4 acres, but only 672 units were sold before construction stopped. Ashok Yadav, CEO, Unitech announced that 8 to 9 towers are slated for completion within 24 months, while the entire project, including basements and infrastructure, will be finished in 36 months.

The project initially began in 2011 but was halted after two years. A new management team, appointed following a Supreme Court order, introduced a revival framework in 2020, which included hiring Project Management Consultants to oversee completion. Despite the renewed efforts, construction only resumed in July 2024 after securing necessary environmental and pollution control approvals.

Unitech plans to increase the project?s financial viability by acquiring an additional 4.31 acres, bringing the total area to 31.7 acres. A 66 kV overhead line passing through the site will also be relocated.

SL Juneja, a buyer who booked a flat in 2012, expressed cautious optimism about the progress. ?We?ve waited over 12 years. The next six months will be crucial to see if they stick to the timeline.?

At a ceremony marking the resumption of work, YS Malik, Chairman, Unitech, assured buyers that safety and quality assessments are being conducted by IIT Roorkee. He confirmed that two contractors are on board to ensure timely completion, with no compromise on quality.

To ease the financial burden on buyers, Unitech introduced a quarterly payment plan in 11 instalments, with an additional charge of Rs 50,000 for installing solar backup systems. Buyers also raised concerns about securing loans from banks, with some calling for Supreme Court intervention to direct banks to release remaining balances.

Most buyers have already paid 30% to 40% of the cost, with flat prices ranging between Rs 8 million and Rs 13 million.

(ET)

In a major relief for hundreds of homebuyers, Unitech has restarted construction on its long-delayed South Park residential project in Sector 70, Gurugram. The project, which stalled in 2013 due to financial difficulties, is now expected to be completed within three years. Originally launched in 2008, South Park aimed to deliver 832 flats over 27.4 acres, but only 672 units were sold before construction stopped. Ashok Yadav, CEO, Unitech announced that 8 to 9 towers are slated for completion within 24 months, while the entire project, including basements and infrastructure, will be finished in 36 months. The project initially began in 2011 but was halted after two years. A new management team, appointed following a Supreme Court order, introduced a revival framework in 2020, which included hiring Project Management Consultants to oversee completion. Despite the renewed efforts, construction only resumed in July 2024 after securing necessary environmental and pollution control approvals. Unitech plans to increase the project?s financial viability by acquiring an additional 4.31 acres, bringing the total area to 31.7 acres. A 66 kV overhead line passing through the site will also be relocated. SL Juneja, a buyer who booked a flat in 2012, expressed cautious optimism about the progress. ?We?ve waited over 12 years. The next six months will be crucial to see if they stick to the timeline.? At a ceremony marking the resumption of work, YS Malik, Chairman, Unitech, assured buyers that safety and quality assessments are being conducted by IIT Roorkee. He confirmed that two contractors are on board to ensure timely completion, with no compromise on quality. To ease the financial burden on buyers, Unitech introduced a quarterly payment plan in 11 instalments, with an additional charge of Rs 50,000 for installing solar backup systems. Buyers also raised concerns about securing loans from banks, with some calling for Supreme Court intervention to direct banks to release remaining balances. Most buyers have already paid 30% to 40% of the cost, with flat prices ranging between Rs 8 million and Rs 13 million. (ET)

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