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'Nirman by ATS' to vie for stalled realty projects
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SME Times News Bureau | 01 Mar, 2021
ATS Infrastructure Ltd has come up with project management consultancy -
'Nirman by ATS' - to assist developers in completing stalled real
estate projects and to provide respite to distressed home buyers.
A
company statement said that the consultancy targets to acquire over 18
stalled and delayed projects under residential and commercial segments,
over the next five years.
'Nirman by ATS' will oversee, supervise
and manage the overall delivery experience of these projects.
Initially. the consultancy will assist projects based out of the
National Capital Region (NCR).
Getamber Anand, CMD of ATS
Infrastructure Ltd said, "One of the major challenges being faced by the
real estate sector is the completion of stalled projects, which are
majorly trapped due to the prevailing liquidity crunch. As the country
faces an overall economic slowdown, revival of the real estate sector
would play an integral role in kick-starting the economy."
He was
of the view that completion of stalled projects and fast-tracking
deliveries will instil positive sentiment amongst homebuyers and all
other stakeholders.
Anand also said that there can be several
models of getting involved in stalled projects. There could be projects
which are not in the NCLT, where ATS Nirman could come in as third
party, oversee and help in rebuilding, selling and manage the project to
its logical conclusion, he said.
"Another model is where we
could, with the existing financial institution or with a new financial
institution bid for the project in the NCLT, where there is a management
change," he said.
Anand also said that the company would also
seek funds from the SWAMIH (Special Window for Completion of
Construction of Affordable and Mid-Income Housing Projects) fund
instituted by the Ministry of Finance for completion of stalled housing
projects.
Noting that nearly all developers have faced numerous
challenges since the outbreak of the COVID-19 pandemic, the company
statement said that the demand for real estate continues to remain
strong.
"Through this platform, ATS Group will help provide
solutions to the existing developers in order to manage multiple
challenges that they face in completion of real estate projects. Along
with this, the initiative will also bring in the desired level of
confidence among the consumers, while they receive timely deliveries of
the projects," it added.
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