close_game
close_game

Gurugram: Unitech homebuyers hail end of struggle

By, Gurugram
Apr 01, 2024 06:16 AM IST

Homebuyers of Unitech Vistas in Gurugram said they had invested their entire savings on the project and some had even exited the project at a substantial loss

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.

Unitech Vistas project was launched in 2008 with 1,287 flats which were to be delivered in 2012. (Parveen Kumar/HT Photo)
Unitech Vistas project was launched in 2008 with 1,287 flats which were to be delivered in 2012. (Parveen Kumar/HT Photo)

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.

Also Read: Relief for homebuyers: Allotted flats will not be part of liquidation process, says insolvency and bankruptcy board

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.

Also Read: MahaRERA cancels home buyers’ agreement

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.

Also Read: 5,000 homebuyers hit as HRERA revokes registration of 5 Mahira projects

rec-icon Recommended Topics
Share this article
Catch every big hit, every wicket with Crickit, a one stop destination for Live Scores, Match Stats, Infographics & much more. Explore now!

Stay updated with all top Cities including, Bengaluru, Delhi, Mumbai and more across India. Stay informed on the latest happenings in World News along with Delhi Election 2025 and Delhi Election Result 2025 Live, New Delhi Election Result Live, Kalkaji Election Result Live at Hindustan Times.
See More
Catch every big hit, every wicket with Crickit, a one stop destination for Live Scores, Match Stats, Infographics & much more. Explore now!

Stay updated with all top Cities including, Bengaluru, Delhi, Mumbai and more across India. Stay informed on the latest happenings in World News along with Delhi Election 2025 and Delhi Election Result 2025 Live, New Delhi Election Result Live, Kalkaji Election Result Live at Hindustan Times.
SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Sunday, February 09, 2025
Start 14 Days Free Trial Subscribe Now
Follow Us On