NPR delay leaves realtors, homebuyers worried
Project caught up in legal hassles may take at least 3 more years to complete; adverse impact on property prices.gurgaon Updated: Jan 08, 2013 00:48 IST
The delay in the completion of the Northern Peripheral Road (NPR) is causing financial loss to thousands of homebuyers and real estate developers who have invested their money in projects along the multi-crore project.
The investors will have to wait at least three years to reap the benefit of the much-hyped corridor. Scores of projects are coming up here. "The buyers and builders are worried as overall value of the land and flats along NPR has gone down in the past two years," said a member of the National Real Estate Developers' Council (NAREDCO). The decline of land value has burnt a hole in the pockets of real estate players.
The 18-km road, also known as the Dwarka Expressway, is likely to be completed by April 2015. According to the latest project status report submitted to the state government by the Haryana Urban Development Authority (Huda), the completion of the stretch in 2015 will be subject to vacation of stay order on some portion and allotment of alternative plots to the people likely to be displaced from its 4-km stretch in New Palam Vihar and elsewhere.
The NPR is being built under the public-private partnership (PPP) model and will provide connectivity between Dwarka and NH-8 at Kherki Daula. About 200 residential and commercial projects are coming up along the stretch.
At present, out of the total length of 18 km, work is underway on 14-km stretch. The project report says the construction work on the 14-km stretch is slow as only 8-km portion is ready with bituminous work. The project has already missed its earlier deadline. The stretch was supposed to be completed by March last year and the total 18-km road by end of 2012. Huda, later on, extended the deadline to December 31, 2012 and end of 2013, respectively.
Investors are now worried about the project. Amit Bhatia, a resident of Sushant Lok who has invested in a housing project in Sector 85 along NPR, said, "I have been closely following the development related to the construction of NPR ever since I invested in the project in early 2012. The developer is ready to deliver the apartment by the end of this year. But I'm worried about the completion of NPR which looks far from completion."
The Huda report does not mention, unfortunately, about penalty on the contractors responsible for the delay on the 14-km stretch.
JSR Construction Private Limited and India Bulls Construction Ltd are jointly constructing the 14-km stretch.
A sum of about R28 crore has been spent till date out of total estimated cost of R57 crore.
Pankaj Kumra, chief engineer, Huda refused to comment on the delay when contacted by the Hindustan Times.
The construction work is hampered by several reasons including legal cases against the land acquired by Huda for the project. Several cases are pending in the court.