‘Nirman by ATS’ to vie for stalled realty projects
New Delhi, Feb 28 (IANS) 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.