Unitech Resume Construction of South Park Project in Gurugram

                GURGAON: 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.


Source : The Economic Time