Entering into the Project Management Consultancy Business, ATS Group has announced that it is going to support three stalled projects named Logix Blossom County, Logix Blossom Greens and Logix Blossom Zest in Noida region of Uttar Pradesh. Releasing a statement in this aspect, the authorities from ATS said that the completion of three held-up projects of Logix Group by ATS will ensure the delivery of 4500 apartments. Methodically, this would initiate at the end of 2019 properly. Functioning in this regard, ATS PMC will work towards taking incomplete projects and supervise it with proper management.
Apart from this, the authorities of ATS also stated that required visualization will be executed, which would ensure proper delivery of flats on time. In this regard, ATS PMC and Logix Group will hold a discussion session with UP RERA, Financial Institutions, Noida Authority and other respective stakeholders. The discussion session will also include buyers of the flats. This is done to ensure that transparency is maintained amongst buyers and sellers. The purpose of this meeting will be to develop a specialized mechanism for the completion of projects. Certainly, this will help ATS to complete the project without much difficulty and hand over the apartments.
According to ANAROCK, it has been stated that around 5.6 Lakh housing units having a worth Rs 4.5 Lakh Crores are lagging behind the actual delivery timelines. This has occurred because of the slowdown in demand and diversion of funds carried out by developers. In this matter, Delhi-NCR has 2,10,200 housing units having a worth of Rs 1,31,460 crores that has extended the planned time schedule. Now, this is considered to be one of the important steps to be carried out by ATS for boosting investments in the real estate business.
Apart from this, the State-owned NBCC is supporting Amrapali Group in completing a few projects because the real estate company has been hit by the crisis. This decision was taken by Supreme Court that NBCC is required to intervene for the sake of completing held-up projects. Not just this; the court has given orders for buying Jaypee Infratech because the company is facing bankruptcy proceedings and offered help for delivering around 24,000 flats that have been delayed quite a bit. This is the reason that NBCC has managed to extend its support without any doubt.