ATS HomeKraft says Rs 600 crore investment in pipeline for various projects

Real estate developer ATS HomeKraft said it has investments worth Rs 600 crore in the pipeline for various projects.

The company has recently delivered a project in Greater Noida, West (Noida Extension), while three more projects are expected to be completed in NCR this year, according to ATS HomeKraft CEO Mohit Arora.

"Currently, we have 10 projects and we are an HDFC equity company. They hold 20 per cent equity in our company and they are also the capital providers for ATS. Rs 600 crore investment is in pipeline by ATS Homekraft," Arora told PTI.

He said, "Of these projects, two are in Noida, one in Noida Extension, three in Ghaziabad, one in Delhi's Rohini, two in Gurugram's Sohna, and one in Mumbai."

The real estate company has just delivered its group housing project 'Happy Trails' in Noida Extension, two years ahead of the scheduled delivery, he said, and claimed, nearly half of the units have been handed over to the flat buyers and no dues towards the Uttar Pradesh government are pending.

When contacted, a Greater Noida Authority official confirmed to PTI that the project has been completed ahead of schedule and has no pending dues.

Several projects in Noida and Greater Noida are stuck for delivery for a long time due to the logjam between builders and local authorities over non-payment of dues to the state government. The issue has also led to a delay in the registries of thousands of delivered flats.

On the logjam and any possible way out of it, Arora said, "The major problem in Noida is land dues and Noida Authority says that the developers have to pay at a higher rate only."

"We have requested the authorities to have a one-time settlement fee equivalent to the Haryana government," he said.

"In terms of infrastructure, Noida has done very well and now the upcoming airport, which is expected in a few years, Noida and Greater Noida will do fabulously well. It's now the time for Noida to shine. The government should have a focus on the smaller issues so that new investments can come in," Arora added.

UP's Industrial and Infrastructure Development Commissioner (IIDC) Manoj Singh recently held a meeting with stakeholders in Noida to discuss the stuck-up projects.

"Noida has been an important region for investment not only in the state but in the country in recent years," Singh said, adding that the logjam and concerns of financial institutions were taken up during the discussions.

"We have discussed the stuck-up projects and in two weeks, we will come up with a plan to resolve the logjam," Singh told PTI.

According to official estimates, over 100 housing projects in the twin cities of Noida and Greater Noida are stuck or have been delayed, impacting lakhs of people.