ATS To Complete 3 Logix Group Projects In Noida, Greater Noida
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) on April 10 confirmed that ATS Infrastructure will work as the property management consultant (PMC) for the Logix Group, and will help deliver over 4,500 flats in three projects located at Noida and Greater Noida. Three incomplete projects of Logix Group include Logix Blossom Greens, Logix Blossom County and Logix Blossom Zest, which are in under-construction phase and have been delayed for over a decade now. These projects will be delivered in a phased manner, starting from 2019-end.
In a statement released by ATS, the company said, "ATS PMC will take up incomplete projects, where with proper management and construction, due diligence execution will be made ensuring delivery as per stipulated timelines." The ATS will engage financial institutions, contractors and the Noida authority that has allotted land for these projects in this new partnership.
Earlier in March, the UP RERA had issued deregistration notices to seven developers for failing to meet their commitments to buyers, covering 14 projects and approximately 4,800 residential units. The first-of-its kind action against developers has been taken under Section 7 of the Real Estate (Regulation & Development) Act, 2016.
The developers, who had been served notices include Primrose Infratech (Primrose Ryne), PSA Impex (Sampada Livia), MSA Developer (Circuit Heights), Greenbay Infrastructure (Greenbay Golf Homes & Golf Village), Intellicity Business Park (Intellicity), Mist Direct Sales (Festival City Phase 1,2,3) and Unnati Fortune Holdings (Aranya Phase 3,4,5).
In case developers were unable to comply, the authority was expected to take over the projects.
"If the buyers themselves are in a position to complete the projects by pulling their finances together, the authority will supervise that. The authority can also hand over the projects to another co-developer and get the project completed. Another option can be selling the vacant land or constructing additional flats by utilising the additional floor area ratio available," a government statement said.
The UP-RERA had also sent notices to many developers over poor construction quality and project delays. It has also sent shortlisted 12 builders whose registrations may be cancelled if they fail to provide a roadmap for project completion.
Also Read: Check RERA status of your project
With inputs from Housing News