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ATS to help finish stalled realty projects in Noida

NEW DELHI: Realty major ATS has joined fingers 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 company has decided to enter the project management business to complete stalled projects in Noida. If a successful type is evolved to be able to expedite those projects, ATS Project Management Consultancy (ATS PMC) will discover more such partnerships with other developers in the area.

Through the Logix deal, ATS PMC aims to deliver over four,500 apartments spread over the 3 projects in a phased method. The first set of deliveries is slated for 2019-end. The corporate will invest Rs 50 crore to kickstart the construction in those projects. Nearly Rs 400 crore can be required to complete them.

As the construction is finished and deliveries made, patrons should pay the exceptional amount, which will create a substantial cash waft, Shakti Nath, CMD of Logix Group, said. Besides, quite a few unsold gadgets in the projects may also be marketed easily, considering ATS’ track document for on-time supply, Nath claimed. He said the supply of these delayed projects will revive the arrogance of consumers.

Anand, in flip, said the partnership refected his team’s dedication to all stakeholders in the sector — homebuyers, traders and developers — who've been weighed down by means of various issues on account of which the projects may just now not be completed on time.

Logix Group has delivered around 3,800 flats in the three projects whilst every other 400 are in a position to transport in and can be up for supply quickly.

ATS PMC, along side Logix Group, can be in talks with UP RERA, the Noida authority, monetary institutions and other stakeholders, together with patrons, to broaden a mechanism in order that the construction may also be expedited and completed easily without any prison or monetary liabilities obstructing the effort, Anand said.

ATS PMC will soak up the incomplete projects and infuse right kind management and strict building schedules to deliver, as consistent with the stipulated new timelines given to the customers, the company said.

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