Homebuyers of Unitech Vistas in Gurugram’s Sector 70 said on Sunday that the resumption of work on the project has put an end to their decade-long ordeal in which they had been paying EMIs and rent, were denied bank loans, and some even retired from their jobs while waiting for a home.
The Unitech Vistas project was launched in 2008 with 1,287 flats which were to be delivered in 2012. However, the developer defaulted on the project and the matter went into litigation, which was finally decided by the Supreme Court in 2019 when it ordered the central government to appoint a board to manage the real estate firm. The firm under the government-appointed board finally began construction on Sunday.
Vinay Maurya, a buyer, who invested in the project in 2009, said he went through a lot of stress and tension in the past 10 to 12 years. “All my financial plans were disrupted as I had to pay EMIs and rent to stay in the city with my family. Most of the buyers have remained stuck for the last decade. The litigation was long and arduous but we now hope that the government-appointed management will get the job done,” he said.
The buyers said a lot of them had invested their entire savings, and taken loans, and some even exited the project at a substantial loss due to the delay in project completion.“There was a lot of mental torture as the finances went haywire due to large payments to the company while there was no assurance of delivery. I have married my children, retired from an MNC company and am still paying ₹35,000 interest payment out of my pension while the flat is still incomplete. At one time I contemplated exiting the project at a substantial loss,” said Baljeet Virdi, a city resident.
{{/usCountry}}The buyers said a lot of them had invested their entire savings, and taken loans, and some even exited the project at a substantial loss due to the delay in project completion.“There was a lot of mental torture as the finances went haywire due to large payments to the company while there was no assurance of delivery. I have married my children, retired from an MNC company and am still paying ₹35,000 interest payment out of my pension while the flat is still incomplete. At one time I contemplated exiting the project at a substantial loss,” said Baljeet Virdi, a city resident.
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However, some homebuyers were cautious with their optimism. “There is a big funding deficit in the project and I don’t think this work will be completed anytime soon. Unitech’s work quality is already suspect,” said a home buyer on condition of anonymity who paid ₹90 lakh for a flat.
Most of the buyers, however, expressed satisfaction and said they had faith in the government-appointed board and management. “This management can get the work done and we are very hopeful that the project will be completed soon. The issue of loan disbursal by banks should be resolved by authorities so that buyers can pay pending dues. I am confident that we will finally get the flats,” said PC Pankaj, a homeowner.
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