ATS to complete 3 stuck projects of Logix Group in Noida, and deliver 4,500 flats

With the Delhi-NCR property market plagued by stalled housing projects, realty firm ATS Group has said that it will complete over 4,500 delayed flats of the Logix Group in Noida

The ATS Group, which has forayed into the project management consultancy (PMC) business, said that it has bagged three stalled 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, launched by Logix Group, will ensure delivery of over 4,500 apartments, beginning 2019-end, in a phased manner,” ATS said in a statement, on April 10, 2019.

“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.

See also: Self-completion of stalled projects: Are home buyers up to it?

Around 5.6 lakh housing units, worth Rs 4.5 lakh crores in seven major cities, are running behind their 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 crores running behind schedule.

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.

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