Unitech has resumed the construction of its long-stalled South Park project in Gurugram's Sector 70, which was halted in 2013. Originally intended to deliver 832 flats across 27.4 acres, only 672 units were sold before work stopped. The new management, appointed after a Supreme Court order, secured necessary clearances and plans to complete the project within three years. An additional 4.31 acres have been acquired to expand the project. Safety assessments are being conducted, and a quarterly payment plan for buyers has been introduced. However, buyers face challenges in securing loans, with some planning to seek court intervention.
Unitech has resumed construction of the long-stalled South Park residential project in Gurugram's Sector 70, offering relief to hundreds of homebuyers who have been waiting for nearly a decade. The project, launched in 2008, began construction in 2011 after building plans were approved. However, work came to a halt in 2013 due to financial difficulties and internal company turmoil. Originally planned to deliver 832 flats across 27.4 acres, only 672 units were sold before the project was stalled.
Under new management appointed following a Supreme Court order, a resolution framework was proposed 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 various projects in India. Despite renewed efforts, on-ground construction was delayed until 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. With all necessary clearances now secured, the project is set to be completed within the next three years.
Ashok Yadav, CEO of Unitech Ltd, stated that 8 to 9 towers are expected to be completed within 24 months, while the entire project, including basements for parking and other infrastructure, will take around 36 months. To enhance the financial viability of the project, the management plans to acquire an additional 4.31 acres of land adjacent to the existing site, increasing the total project area to approximately 31.7 acres. Additionally, a 66 kV overhead line running through the site will be relocated to improve safety and aesthetics.
In response to concerns about the quality and safety of the existing structures, IIT Roorkee has been engaged to assess the constructed towers to ensure they meet all health and safety standards. Unitech's chairman and managing director, YS Malik, assured buyers that while the work would be expedited, there would be no compromise on quality.
To ease the financial burden on homebuyers, a proposed quarterly payment plan will allow them to make payments in 11 installments. However, buyers will need to bear an additional cost of INR 50,000 for solar backup systems. Some buyers have expressed concerns about securing loans to cover these payments and plan to seek intervention from the Supreme Court to direct banks to release the remaining balances.
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