ATS, Logix form joint venture to build housing project; raise Rs. 130 crore.

Realty firms ATS Infrastructure and Logix group have formed a joint venture 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 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 of land, being owned by the Logix group.

'We have entered into joint venture with Logix to develop a golf-course project in Noida,' ATS Infrastructure Managing Director Getamber Anand said.

He said the JV company has raised about Rs. 130 crore from ICICI Prudential AMC for development of this project.

When contacted, Logix Group CMD Shakti Nath confirmed that the company has formed a joint venture with ATS group to develop this project and the JV partners would share revenues.

Real estate industry, particularly housing, is facing a huge slowdown from last three years, resulting in liquidity crunch to developers and huge delays in execution of projects.

ET