Unitech Restart Construction of South Park Project in Gurugram
In a major relief to homebuyers in Gurugram, Unitech has resumed construction on its stalled residential project South Park. The project, which was halted in 2013, is set to move forward and be completed within the next three years. Originally, the South Park project aimed to deliver 832 flats spread across 27.4 acres, but only 672 units were sold before the project came to a halt.
Delayed Construction
The construction of the South Park project faced several delays due to financial difficulties and internal company turmoil. However, the newly appointed management, following a Supreme Court order, proposed a resolution framework in July 2020 to revive the project. This framework included the engagement of Project Management Consultants (PMCs) and laid out a roadmap for completing the unfinished housing units across Unitech’s pan-India projects.
Clearances Secured
Despite these renewed efforts, 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. However, all necessary clearances have now been secured, allowing construction to finally resume.
Expansion Plans
To improve the project’s financial viability, the new management also plans to acquire an additional 4.31 acres of land adjacent to the existing site, bringing the total project area to approximately 31.7 acres. Additionally, a 66 kV overhead line running through the site will be shifted away, enhancing the project’s safety and aesthetics.
Optimistic Homebuyers
The resumption of construction at South Park has brought cautious optimism to the homebuyers who have been waiting for over a decade. Many expressed their hope and excitement, although some requested further intervention from the Supreme Court to ensure the completion of the project within the stated timeline.
Commitment to Quality
To address concerns related to the safety and quality of the existing structures, Unitech has engaged IIT Roorkee to assess the constructed towers. This ensures that the buildings meet necessary health and safety standards. Unitech’s chairman and managing director, YS Malik, emphasized that there will be no compromise on quality during the construction process.
Financial Burden and Loan Concerns
To ease the financial burden on homebuyers, a proposed quarterly payment plan will allow them to make payments in 11 installments. However, the installation of solar backup systems will incur an additional cost of Rs 50,000 for the buyers. Regarding securing loans from banks, homebuyers raised concerns about the short notice for depositing the first installment. They requested the Supreme Court’s intervention in directing banks to release the remaining balance.
Cheering the Official Resumption of Work
A ceremony was held at the project site to mark the official resumption of construction work. Many buyers attended the ceremony, reflecting their excitement for the project’s restart. With two contractors now tasked with completing the project on time, Unitech aims to ensure that the construction aligns with the planned timeline.
In conclusion, the resumption of construction at Unitech’s South Park project in Gurugram brings hope and relief to the homebuyers who have been waiting for years. With necessary clearances secured and expansion plans in place, the project is expected to proceed smoothly and be completed within the prescribed timeline.
