Noida: ATS to complete three stalled projects of Logix Group, to deliver 4,500 flats
With the Delhi-NCR property market plagued with stalled housing projects, realty firm ATS Group Wednesday said it will complete over 4,500 delayed flats of Logix Group in Noida.
ATS has forayed into project management consultancy (PMC) business and has bagged three projects -- Logix Blossom Greens, Logix Blossom County and Logix Blossom Zest in Noida, Uttar Pradesh.
"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," ATS said in a statement.
Around 5.6 lakh housing units, worth Rs 4.5 lakh crore in seven major cities are running behind the delivery timelines, mainly due to demand slowdown and fund diversion by developers, according to property consultant Anarock.
Delhi-NCR has 2,10,200 units worth Rs 1,31,460 crore running behind schedule.
"ATS PMC will endeavour to take up incomplete projects, where with proper management and construction, due diligence execution will be made ensuring delivery as per stipulated timelines," the statement added.
ATS PMC along with Logix would hold discussions with UP RERA, Noida Authority, financial institutions and other stakeholders, including buyers, to develop a mechanism for completion of the projects, it said.
State-owned NBCC is completing some projects of the crisis-hit Amrapali Group, as per a direction of the Supreme Court. It has also bid for acquiring Jaypee Infratech, which is undergoing insolvency proceedings, and help deliver around 24,000 delayed flats.
