NEW DELHI: Realty firms ATS Infrastructure has formed a joint venture with another developer Logix group to develop a mixed-use project in Noida.
While Logix group would bring in 12-acre land parcel in the joint venture, ATS group would be responsible for the construction and marketing of this project, located in Sector 124, Noida.
With land prices skyrocketing, real estate developers are forming joint venture with land owners and local builders to construct new residential and commercial projects.
This is the second joint venture between ATS and Logix. In August last, ATS Infrastructure and Logix group had formed a joint venture to develop a 35-acres luxury housing project in Sector 150, Noida. They had raised about Rs 130 crore from ICICI Prudential AMC to meet construction cost.
“We have partnered with Logix group for joint development of a mixed-use project. The project would have about 200 high-end apartments and about 2 million of office and retail development,” ATS Infrastructure Managing Director Getamber Anand told PTI.
The project would be launched soon, said Anand, who is also the president of realtors’ body CREDAI.
ATS is developing a number of realty projects in Uttar Pradesh, Haryana and Punjab, while Logix Group has completed more than 4 million sq ft of IT facilities and is developing 23 million sq ft of housing projects and 200 acres of plotted development. Both ATS and Logix are based out of Noida.
PTI