Unitech to revive Vistas project in Gurgaon

GURGAON: Unitech has submitted a revival plan to the Haryana government for its housing project, Vistas, that was launched in Gurgaon in 2009 but is still under construction seven years on.

The real estate company, which is going through a funds crunch, has promised to complete the project in Sector 70 over the next two-three years and start giving phased possession of flats nearing completion over the next few months.

Vistas has 23, 14-storey towers with 1,512 flats of two-, three- or four-bedroom types, out of which only eight remain to be booked. Possession was due in 2012 but construction in seven of those towers is at an initial stage while five others have been built only up to the fifth floor.

Flat buyers have hit the streets several times protesting against the delay, prompting the government to intervene.

Unitech, according to the plan, needs Rs 195 crore to finish the remaining work, which is less than the Rs 211 crore due from Vistas buyers as balance payment. To ensure this money is used to complete Vistas, Haryana’s town and country planning department has directed Unitech to open an escrow account, which will be jointly managed by representatives of the RWA and the firm under the supervision of the city administration. Buyers will deposit their instalments in this account.

District town planner Mohan Singh said, “Unitech was also directed to submit a tower-wise completion plan with details of money required to finish work in each tower and money to be collected from buyers of that particular tower.” The company has also been asked to share this information with homebuyers.

T L Satyaprakash, the Gurgaon administration head, said, “Money dried up due to several reasons and now there is need for a new formula and framework to finish the work.”

Assistant town planner Randil Sher Jitendra Singh Batth, who was behind the revival plan, said DTCP would facilitate all necessary approvals like renewal of licence to help in completion of the project.

“We are ready to open an escrow account and start the work,” said a spokesperson for Unitech.

Tejbir Negi of the RWA said buyers would meet Unitech officials on Friday.

Credits ET Realty

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