New Delhi: Realty firm ATS Infrastructure has purchased 125 acres of land in Noida for about Rs 1,300 crore to develop a housing project and a cricket stadium.
The company is in the process of raising funds to meet the land acquisition cost.
“We have bought 125 acres of land in Sector 152 Noida from Noida Authority for about Rs 1,300 crore. We will be developing group housing project and an international cricket stadium of 50,000 seating capacity on this land,” ATS Group managing director Getamber Anand said.
“We have already paid about Rs 70 crore to authority and about Rs 250 crore needs to be paid by mid-October,” he said, adding that the total money would be paid in instalments over the next 8 years.
Mr Anand, who is also president of realtors’ apex body CREDAI, said the company is in discussion to raise funds for this project but did not share the amount.
Among the major land deals in Delhi-NCR, realty firm Gaursons India had bought in 2013 the 300 acre on Yamuna Expressway in Greater Noida from Jaypee group for more than Rs 1,500 crore.
Before that, Wave Group had bagged 151 acres in Noida for about Rs 6,500 crore in 2011.
DLF, the country’s largest realty firm, had bagged a 350-acre plot for Rs 1,750 crore in Gurgaon in 2009 and acquired 38 acres in the heart of Delhi for Rs 1,675 crore in 2007.
Unitech had won 340 acre in Noida through auction for Rs 1,582 crore in 2006.
BPTP had bagged 95 acres in Noida for Rs 5,006 crore through an auction in 2008, but the deal fell through as the company was unable to make full payment.
ATS Infrastructure, which is on expansion mode, recently formed a joint venture with LogiX group to develop a luxury housing project in Noida and also raised about Rs 130 crore from ICICI Prudential AMC to meet construction cost.
The joint venture plans to develop a 9-hole golf course and 100 villas in the first phase and then later would build high-rise apartments. The project would be developed on about 35 acres, owned by the Logix group.
Real estate industry, particularly housing, is facing a huge slowdown since last three years, resulting in liquidity crunch to developers and huge delays in execution of projects.
The sector is witnessing many such partnerships between land owners and developers.
Noida-based ATS is developing a number of realty projects in Uttar Pradesh, Haryana and Punjab.
PTI