ATS Infra to help UP-Rera finish delayed housing projects

To begin with, ATS Infrastructure Ltd will help finish flats in three housing projects of Logix Group that has been unable to deliver the apartments as per promises made to buyers

The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera ) Wednesday said realty firm, ATS Infrastructure Ltd, has agreed to work as a project management consultant (PMC) and help finish delayed housing projects in Noida and Greater Noida. This will help 4,500 homebuyers, waiting for nearly a decade, finally get their flats.

The ATS will engage financial institutions, contractors and the Noida authority that has allotted land for these projects in this new partnership. (HT FIle / Photo used for representational purpose only)

To begin with, it will help finish flats in three housing projects of Logix Group that has been unable to deliver the apartments as per promises made to buyers. Since 2009, Logix Group has been working on three housing projects — Logix Blossom County in sector 137, Logix Blossom Greens and Logix Blossom Zest in Sector 143. It has already delivered nearly 3,800 apartments and another 400 are ready in these projects. However, it could not deliver 4,500 apartments so far.The Logix Group could not deliver units on time as it was facing financial issues for some time.

“ATS will work as a project management consultant and help homebuyers, who could not get apartments on time. We want to replicate this model in other delayed projects. A developer like ATS can chip in and help in timely delivery. Through this model, more homebuyers will be benefited,” Balvinder Kumar, member of UP-Rera, said.

These 4,500 apartments to be finished by ATS are already semi-ready, UP-Rera officials said.

“We will start delivery of apartments by 2019-end. We are working out for details as to when all apartments will be delivered to customers. Our objective of joining UP-Rera is to help deliver units without further delay,” Getamber Anand, chairman and managing director (CMD), ATS Infrastructure Ltd, said.

The ATS will engage financial institutions, contractors and the Noida authority that has allotted land for these projects in this new partnership.

“We have partnered with ATS as we do not want our customers to suffer further. And also we want our customers get better quality apartments. We gave this proposal to UP-Rera and it agreed. We had constructed 10,000 apartments in these three projects. Of these, 3,800 are already delivered, 400 are ready and 4,500 are semi-ready. Only finishing work is required and that will be done by ATS,” Shakti Nath, CMD, Logix Group, said.