Realty major ATS has joined hands with Logix Group to complete three of its projects — Logix Blossom Greens, Logix Blossom County and Logix Blossom Zest — in Noida.
ATS CMD Getamber Anand on Thursday said the firm has decided to enter the project management business to complete stalled projects in Noida. If a successful model is developed so as to expedite these projects, ATS Project Management Consultancy (ATS PMC) will explore more such partnerships with other developers in the region.
Through the Logix deal, ATS PMC aims to deliver over 4,500 apartments spread over the three projects in a phased manner. The first set of deliveries is slated for 2019-end. The company will invest Rs 50 crore to kickstart the construction in these projects. Nearly Rs 400 crore will be required to complete them.
As the construction is completed and deliveries made, buyers will have to pay the outstanding amount, which will create a substantial cash flow, Shakti Nath, CMD
of Logix Group, said. Besides, a number of unsold units in the projects can be marketed easily, considering ATS’ track record for on-time delivery, Nath claimed. He said the delivery of these delayed projects will revive the confidence of customers.
Anand, in turn, said the partnership refected his group’s commitment to all stakeholders in the sector — homebuyers, investors and developers — who have been weighed down by various issues because of which the projects could not be completed on time.
Logix Group has delivered around 3,800 flats in the three projects while another 400 are ready to move in and will be up for delivery soon.
ATS PMC, along with Logix Group, will be in talks with UP RERA, the Noida authority, financial institutions and other stakeholders, including buyers, to develop a mechanism so that the construction can be expedited and completed smoothly without any legal or financial liabilities obstructing the effort, Anand said.
ATS PMC will take up the incomplete projects and infuse proper management and strict construction schedules to deliver, as per the stipulated new timelines given to the customers, the company said.