Unitech resumes work on stalled projects after a decade

After a decade of delays and uncertainty, thousands of homebuyers can finally breathe a sigh of relief as real estate developer Unitech has restarted construction on six long-pending residential and commercial projects in Nirvana Country 2.

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 came to a grinding halt in 2014 due to regulatory challenges and severe financial distress faced by the previous management.

Covering 1,073 units, including 740 previously sold plots that were never delivered, the projects have now been taken over by a government-appointed management team led by retired IAS officer Ashok Yadav. Construction activities are set to begin and are expected to be completed within 78 months.

The revised plan includes 124 plots and 55 flats reserved for the economically weaker sections (EWS). “The decision to restart work was taken after extensive consultations with homebuyers,” said Unitech CEO Ashok Yadav.

The long-awaited revival follows the renewal of key licences, environmental clearance, and the receipt of consent to establish (CTE) from the Haryana State Pollution Control Board on March 25.

“The estimated cost to complete these projects is around Rs 630 crore. We expect to receive Rs 276.42 crore from existing homebuyers through phased, milestone-based payments,” said Yadav. “The remaining Rs 353.58 crore will be raised through the sale of unsold inventory,” he added.

Unitech has also committed to clear delivery timelines: 18 months for plot development, 24 months for villas, and 36 months for group housing and commercial buildings.

Haryana Tribune