After a decade of uncertainty, Unitech is set to resume work on six stalled residential and commercial projects in Gurugram. The projects – Alder Grove Villas, Espace Premiere Villas, Exquisite Group Housing, Nirvana Country-2 Plots, The Willows Plots, and Nirvana Courtyard-2 (commercial) – were originally launched in 2009 but were put on hold in 2014 due to regulatory issues and significant financial challenges.
The company has assured clear delivery timelines: 18 months for plot development, 24 months for villas, and 36 months for group housing and commercial buildings. This resumption marks a significant milestone in Unitech’s long-delayed revival and offers a welcome resolution for hundreds of homebuyers who have invested their life savings in these properties and have been waiting nearly ten years for possession.
Project Overview
The projects include:
- Alder Grove Villas
- Espace Premiere Villas
- Exquisite Group Housing
- Nirvana Country-2 Plots
- The Willows Plots
- Nirvana Courtyard-2 (commercial)
New Management and Restart Date
Under the supervision of a government-appointed management team, Unitech will restart construction on April 5. The developer has committed to completing the work within 78 months, marking a significant turnaround for the company.
Financial Strategy and Funding
The estimated cost to complete these projects is approximately Rs 630 crore. According to Unitech CEO Ashok Yadav, Rs 276.42 crore will be raised from existing homebuyers through phased, milestone-based payments. The remaining Rs 353.58 crore is expected to come from the sale of unsold inventory.
Consultations and Regulatory Clearances
The decision to resume work was taken after extensive consultations with homebuyers. The restart was further enabled by the renewal of licenses, along with receiving environmental clearance and a Consent to Establish (CTE) from the Haryana State Pollution Control Board on March 25.
Delivery Timelines and Impact on Homebuyers
Unitech has outlined clear delivery timelines:
- 18 months for plot development
- 24 months for villas
- 36 months for group housing and commercial buildings
This revival marks a pivotal moment in Unitech’s turnaround and offers a much-needed resolution for hundreds of homebuyers who have long awaited the completion of their properties.
