ATS Realty and Greenbay Infrastructure, the group company of ATS Infrastructure, have deposited Rs 130 crore instalments with the Yamuna Expressway Industrial Development Authority (YEIDA) for the purchase of land near the under-construction Noida International Airport. This step has brought a lot of relief to thousands of homebuyers. The payment of the instalments by the company has paved the way for the registration of over 1,100 flats in Sector 22D. At the same time, ATS will revive the municipal projects on the Yamuna Expressway.
The path to registration is clear.
The company said on September 4 that ATS Realty has deposited 25 per cent of the outstanding amount i.e. Rs 130 crore to revive the township project on Yamuna Expressway. The Yamuna Expressway Authority has stopped registration of flats and also cancelled allotment of land due to pending dues. The amount was paid as part of the One Time Settlement Scheme (OTS) of the Uttar Pradesh government launched on the recommendations of the Amitabh Kant Committee, which was set up to revive stalled projects. Based on the committee’s recommendations, YEIDA has given the company time till August 31 to pay its 25 per cent dues and additional compensation to farmers.
Work on projects begins.
ATS Group Chairman Getambar Anand said the Amitabh Kant Committee report will be a boon for the sector as it will restart many stalled projects. We are all now behind the Covid-19 crisis. Work has already started on several projects and the aim is to complete them as soon as possible. Farmers in Noida and other parts of NCR have often accused developers of paying less for their land and making huge profits by selling apartments and other commercial establishments.
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The company also provided this information.
ATS has already developed a 1,145-apartment group housing complex on 8.5 acres in the same township and has handed over the project to homebuyers, the company said. Officials said under the rehabilitation package or OTS scheme of the UP government, developers will have to initially pay 25 per cent of the total amount after deducting penal interest to be eligible for registration of apartments in their projects.
As part of the rehabilitation package, the authority has the right to cancel the allotment of defaulting builders who do not opt ​​for the package to clear the dues. Homebuyers in NCR are worried about years of delays and have been forced to go to court to get their apartments due to the burden of rent and EMIs.
