The ATS group has come forward and decided to complete the stalled projects of Logix group in Noida. The company will deliver 4,500 housing units in Noida as the region is already dealing with multiple mid-struck real estate projects.
Recently, the ATS group ventured into project management consultancy (PMC) business and has bagged three projects that are Logix Blossom Greens, Logix Blossom County and Logix Blossom Zest in Noida, Uttar Pradesh.
The ATS group released a statement and informed that the effort to complete the construction of the three projects will ensure delivery of over 4,500 apartments, launched by Logix Group, beginning end of 2019 in a phased manner.
Approximately, 5.6 lakh housing units costing worth Rs. 4.5 lakh crore in seven major cities are delayed from the date of delivery and this is majorly due to demand slowdown and fund diversion by developers, one of the real estate expert said.
In the Delhi-NCR region alone, 2,10,200 units of worth Rs. 1,31,460 crore is running behind the schedule.
In the statement, company also said that ATS PMC will endeavor to take up incomplete projects, where with proper management and construction, due diligence execution will be made ensuring delivery as per stipulated timelines.
In order to develop a mechanism to complete the stalled projects, ATS PMC along with Logix would hold discussions with UP RERA, Noida Authority, financial institutions, other stakeholders that include other buyers.
Prior to this, NBCC- the state-owned construction company has taken the responsibility to complete the stalled projects of debt-ridden Amrapali Group on the directions of Supreme Court.
The company is also a bidder to acquire Jaypee Infratech that is currently facing insolvency proceedings.