A wave of relief has washed over hundreds of homebuyers in Gurugram as Unitech Ltd., the developer responsible for the stalled South Park project, has finally announced the resumption of construction work. This positive development comes after years of delays, financial troubles, and mounting anxiety for the project’s investors.
Located in Sector 70 of Gurugram, the South Park project first encountered problems in 2014. These financial difficulties led to a complete halt in construction, leaving hundreds of homebuyers in limbo. Many had invested their life savings in the project, and the lack of progress caused immense stress and frustration.
However, a glimmer of hope emerged with the intervention of the Supreme Court-appointed Committee of Experts (CoE). This committee, established to address the issue of stalled real estate projects across India, played a crucial role in finding a solution for South Park. In collaboration with a consortium led by Irfan Rahman, the CoE facilitated the revival of the project. The consortium has reportedly infused a substantial sum of Rs 482 crore into the venture, providing the necessary funds to kick-start construction and expedite its completion.
This move marks a significant turning point for the long-suffering homebuyers. The resumption of construction work signifies a tangible step towards them finally taking possession of their apartments – a dream that seemed increasingly distant over the past several years.
The revival of South Park also serves as a beacon of hope for other homebuyers affected by similar stalled projects in Gurugram. It demonstrates the effectiveness of the CoE’s efforts in bringing about resolutions for these long-pending issues and restoring confidence in the city’s real estate market. While challenges may still lie ahead, the recommencement of construction at South Park offers a much-needed sense of optimism and a promise of a brighter future for the project’s investors.
