Why Unitech’s cash troubles are even worrying those who have no link with it

It’s the actual property developer and no longer the federal government this is chargeable for building interior roads in Gurugram’s new sectors. Unitech has an enormous land bank alongside Southern Peripheral Road and several large tasks, whose non-completion has no longer handiest affected its own buyers however homebuyers around the SPR sectors because interior roads are mendacity unfinished. Other realtors within the region are also nervous that this will result in major protests within the days to return as, in numerous cases, homes are able however the street resulting in them isn't
The ongoing Unitech hearings within the Supreme Court are followed keenly by many homebuyers who don't have anything to do with the real property massive. They have no longer purchased residences or land from Unitech, or invested in any of its schemes. Yet, their anxiety is a minimum of those that have.

The Unitech hearings have so far revolved round two sides — ensuring that behind schedule and incomplete residences are delivered, and homebuyers who don't need to wait get refunds. But there's a 3rd aspect that homebuyers and real property companies in Gurugram’s new sectors, which account for a big chew of Unitech’s defaulting houses, are nervous about.

And this is roads.

Bizarre as it sounds, the Haryana executive is responsible only for building main roads within the new sectors of Gurugram, no longer the branching interior roads that take you to the gates of your home. Rules notified in 2012, through the Gurugram Manesar Master Plan 2021, made this the duty of personal builders and building interior roads used to be integrated of their licence prerequisites.

One of essentially the most aggressive buyers within the new sectors used to be Unitech. The corporate, in line with knowledge to be had with the city and nation making plans department, has a land bank of 860 acres alongside Southern Peripheral Road (SPR), and has so far received 17 licences to increase housing within the area. Among the big tasks it has already introduced are Vista, Sunbreeze, Espace Premiere Villas, Alder Grove and The One. But its incapability to finish the tasks has supposed the inner roads haven’t been advanced either.

This is at the root of the unfinished roads within the new sectors, an issue that different realtors fear will snowball into major protests if the federal government does no longer interfere. “Unitech is not able to finish its tasks, so there is not any query of building of the 24-metre roads (nomenclature in master plan for interior roads) by them,” said an actual property developer with a couple of tasks alongside SPR who did not need to be named. “It has left those that have tasks just about Unitech’s tasks in an excessively tricky state of affairs.”

Incomplete roads has transform a big drawback alongside SPR — which incidentally has lately seen its marketability bounce with the launch of Trump Towers — because Unitech has an enormous presence right here and incomplete roads subsequent to its tasks have left the ones further down, in addition to the ones in different sectors that rely on this street link, stranded despite the fact that they've nothing to do with Unitech.

The master plan regulations have created a state of affairs where there are a couple of participants to one street. For example, if there are 5 large tasks on a unmarried street, then the duty of establishing that street lies is scrambled between 5 builders, every accountable for the corresponding portion. Consequently, throughout new sectors, there are interior roads that start and end rapidly. This is the explanation homebuyers complain there tasks appear to be on islands.

Take, as an example, Tulip White in Sector 69 and Tulip Orange in Sector 70. Tulip presented possession in 2017 however neither mission had correct street connectivity because White is close to Unitech Sunbreeze while Orange is a neighbour of Unitech Anthea Floors.

Under drive from homebuyers, Tulip completed the 2 interior roads. “We had already delivered the tasks, however they had no connectivity, so we built the roads,” said Praveen Jain, MD of Tulip Infratech, adding Tulip constructed a 1km portion in Sector 69 though it used to be chargeable for just a 200-metre stretch. “There were three builders who were to share duty,” said Jain.

Suresh Yadav, a Tulip Orange resident, said, “I was paying EMI, so I took possession of the flat when the developer assured me about building connecting roads. We faced problems for a few months however kept drive on the developer, who after all built the street.”

No such drawback arose in the rest of Gurugram because Huda offered land, advanced all main and interior roads and used to be chargeable for public amenities. Huda’s function has been significantly reduced within the new sectors.

The 17 licences Unitech has received to increase housing spans 175 acres in sectors 69-72 and 80. In every of those sectors, different builders and homebuyers are going through the same drawback with connecting roads.

With its promoters behind bars, Unitech has been promoting land to satisfy the Supreme Court’s order of depositing Rs 750 crore with it for refunds to homebuyers. Developers are nervous this will result in extra complication in the case of building roads.

Jain, who is also vice-chairman of realtors’ affiliation Naredco, said individuals had lately met chief minister Manohar Lal Khattar and requested the involvement of real property regulator Rera to get a hold of a mechanism for takeover of those tasks. He said some builders were able to take over incomplete tasks in opposition to unsold inventory, closing payments from patrons and some portions of land.