ATS Realty, a prominent developer, has recently cleared INR 130 crores in outstanding dues to the Yamuna Expressway Industrial Development Authority (YEIDA), enabling the commencement of a 100-acre township development near the upcoming Noida International Airport. This payment was made in accordance with the Amitabh Kant committee's recommendations, which granted developers a deadline of August 31st to clear 25% of their outstanding dues and additional farmer compensation. The committee's report is seen as a significant step towards reviving stalled projects and boosting investor confidence in the sector. A revival in the housing and construction sector is also vital for boosting the overall economy.
ATS Realty and Greenbay Infrastructure, a subsidiary of ATS Infrastructure, have paid INR 130 crores to the Yamuna Expressway Industrial Development Authority (YEIDA) to settle outstanding dues on land parcels in Sector 22D. This land, located near the upcoming Noida International Airport and the proposed International Film City, will be used to develop a 100-acre township.
This payment fulfills the minimum due requirement set by YEIDA, which had granted the company a deadline of August 31st to clear 25% of their outstanding dues and additional farmer compensation, following recommendations from the Amitabh Kant committee.
ATS Group Chairman Getamber Anand expressed optimism about the committee's report, stating it will revitalize stalled projects within the sector. He also highlighted the company's commitment to delivering a high-quality experience for customers across income groups, emphasizing that work has already begun on various projects with the aim of swift completion.
ATS Realty has already completed a group housing complex with 1145 flats on 8.5 acres within the township, which has been handed over to homebuyers. The company plans to develop a state-of-the-art residential township under the ATS Homekraft brand.
The timely resolution of such financial hurdles is crucial for the government's "Housing for All" initiative, as it will expedite project delivery for numerous buyers in the middle and lower-income groups who have already made significant investments. A revival in the housing and construction sector is also vital for stimulating allied industries, creating employment opportunities, and boosting the overall economy.
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