Unitech revives Gurgaon realty project

    Unitech Vistas
    In view of the surging business avenues in the country's real estate sector, Unitech has recently decided to revive its Gurgaon realty project and in this connection, it has submitted a revival plan to the Haryana government. The housing project, Vistas, which was launched way back in 2009, is still lying in limbo. The real estate company, which is going through a funds crunch, has promised to complete the project in Sector 70 over the next two-three years and start giving phased possession of flats over the next few months. In Vistas Housing Project, the builder has planned 23 14-storey towers with 1,512 flats of two, three and four-bedroom types. Possession was due in 2012 but construction in seven of those towers is at an initial stage while five others have been built only upto the fifth floor. Unitech, according to sources, needs Rs. 195-cr to complete the remaining portion of the construction work, which is less than Rs. 211-cr due from Vistas buyers as balance payment and to ensure this money is used to complete Vistas, Haryana's Town and Country Planning Department has directed Unitech to open an escrow account, which will be jointly managed by representatives of the RWA and the firm under the supervision of the city administration and that the rider prompted the builder to revive the project.
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