Noida, Jun 9 (PTI) Real estate developer ATS Homecraft has said it has an investment of Rs 600 crore in the pipeline across various projects.
According to Mohit Arora, CEO, ATS Homecraft, the company has recently awarded one project in Greater Noida, West (Noida Extension), while it is expected to complete three more projects in the NCR this year.
“Currently, we have 10 projects and we are an HDFC equity company. They have 20 per cent equity in our company and are also the capital provider for ATS. An investment of Rs 600 crore by ATS Homecraft is in the pipeline,” said Arora. told PTI.
“Out of these projects, two are in Noida, one in Noida Extension, three in Ghaziabad, one in Rohini in Delhi, two in Sohna in Gurugram and one in Mumbai,” he said. The real estate company has delivered its group housing project ‘Happy Trails’ in Noida Extension two years ahead of the scheduled delivery, he said, and claimed, nearly half the units have been handed over to flat buyers and there are no dues . Uttar Pradesh Govt. are pending.
When contacted, an official of the Greater Noida Authority confirmed to PTI that the project has been completed ahead of schedule and has no dues.
Several projects in Noida and Greater Noida have been stuck for delivery for a long time due to a standoff between builders and local authorities over non-payment of dues to the state government. Registry of thousands of delivered flats has also been delayed due to this issue.
On the impasse and any possible way out of it, Arora said, “The major problem in Noida is land arrears and the Noida authority says developers will have to pay higher rates.” “We have requested the authorities to charge a one-time settlement fee equal to that of the Haryana government,” he added.
“In terms of infrastructure, Noida has done very well and now with the upcoming airport, which is expected in a few years, Noida and Greater Noida will do exceptionally well. Now the time has come for Noida to shine. The government should focus on smaller issues so that fresh investments can come in,” said Arora.
UP’s Industrial and Infrastructure Development Commissioner (IIDC) Manoj Singh recently held a meeting with stakeholders in Noida to discuss the stuck projects.
“In recent years, Noida has been an important area for investment not only in the state but also in the country,” Singh said.
“We have discussed the stalled projects and in two weeks we will come out with a plan to clear the impasse,” Singh said.
According to official estimates, over 100 housing projects are stuck or delayed in the twin cities of Noida and Greater Noida, affecting lakhs of people. pti kiss show show
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