by THO
Real estate major Unitech Group resumed construction on its South Parks project in Gurugram Sector 70 on Sunday after a more than 10-year-long delay. The project comprising 832 flats in 14 towers is expected to be completed within 36 months, the group said — the group was placed under new management appointed by the Supreme Court in 2020 after the previous management failed the complete the project.
The group said that homebuyers will have to pay the remaining amount of the cost of the flats in 11 equal instalments starting from October 10. The group also said that it is attempting to persuade banks to extend loans to homebuyers who were facing difficulty in securing loans.
“I assure homebuyers that construction will be carried out within the timelines. The contractor has already mobilised the site,” said YS Malik, managing director, Unitech.
“The project has 14 towers of which partial structure work has been completed in respect of five towers. It is expected that the entire project, which includes basements for parking, and other infrastructure projects, will be completed in 36 months,” said Ashok Yadav, chief executive officer, Unitech.
The South Parks project was launched on the Southern Peripheral Road in Sector 70 in 2008. Construction began in 2011 but was halted in 2013 because the company defaulted on its commitments. After submitting the reconstruction plan and getting it approved from the Supreme Court appointed committee, the group resumed construction on Sunday.
A Unitech spokesperson said that they have got environment clearance from union environment ministry and the consent to construction from Haryana state pollution control board.
The group said that the project will now be developed over 31.70 acres of land instead of the original 20.20.acres. A spokesperson said that the developer had sought additional licence for 7.20 acres and recently the new management sought another licence for 4.21 acres, which is available with the company to ensure the financial viability of the project.
Unitech said that three contracts have been awarded to two contractors but construction work was delayed due to non-availability of environment clearance. “Having obtained the environment clearance and grant of consent to establish (CTE) by Haryana State Pollution Control Board, the contractors have now fully mobilised the site and plan to resume the construction work,” said Yadav.
Manoj Gupta, who bought a flat in 2012 and has paid almost ₹45 lakh, said homebuyers were not able to get loans from banks on Unitech properties. “It is very difficult for buyers to arrange funds. We have already faced tough situation waiting for 10 years. I live with family on rent,” he said, adding that government must help the buyers.
Malik said that efforts are being made to motivate the banks to resume home loans to Unitech buyers. “This is not in our hands but we are trying. We have also decided to install solar power unit in the complex and get the 66 KV power line shifted,” he said.
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Rishi Gambhir, president of the South Park apartment buyers association, said Unitech should give homebuyers relaxation in payment of instalments in case there is further delay in completion. “A lot of people also have interest component in large amounts added to their accounts in the ledge,” he said, adding that the resumption of work had given hope to buyers that their flats would be completed.
On the matter of GST, Malik said that the issue was beyond his control as the previous Unitech management had opted for 12% regime. “I can assure you that the large interest component will not be part of the demand,” he said.
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