Gurugram: After a decade uncertainty, Real Estate Developer Unitech has resumed work on six -long -pending residential and commercial projects in Nirvana Desh 2. Now under a government -appointed management, Unitech is ready to start construction activities from April 5, with a 78 -month time limit, the developer has promised.
Six projects -Elder Grove Villas, Espace Premier Villas, Uttam Group Housing, Nirvana Desh -2 plot, Willow Plot and Nirvana Aangan -2 (Commercial) -were launched in a halt, but regulatory obstacles and serious financial crisis came to a halt in 2014. Six projects cover 1,073 units, including 740 plots sold under the company's previous management, but were never distributed. Reverse schemes also include 124 plots and 55 flats for the Economically Weaker Section (EWS).
Unitech CEO Ashok Yadav said that it was decided to resume the work after comprehensive consultation with homebuilders. This revival comes after renewal and receipt of license and environmental withdrawal and consent from Haryana State Pollution Control Board on 25 March. “The estimated cost of completing these projects is around Rs 630 crore. We hope that we expect to get Rs 276.42 crore from the existing homebayers. The remaining Rs 353.58 crore will be raised through the sale of unusual inventory.
Unitech has committed to clean the delivery deadline: 18 months for plot development, 24 months for villas and 36 months for group housing and commercial buildings.
The long-launched revival of Unitech starting is a major milestone in the process and is a significant relief for hundreds of homebuilders who have waited for almost a decade to occupy. Many affected families had invested their life savings in these assets and demanded the government's intervention for a long time.
