NEW DELHI: ICICI Prudential AMC has committed to invest Rs 130 crore in a housing project of Noida-based real estate firm ATS Infrastructure, said a person close to the development. This is among the few investments that have been made in a greenfield housing project in the current slow market.
The project by ATS will come up in Noida’s sector 150 near the Yamuna Expressway and is likely to have about 100 villas on a nine-hole golf course in the first phase. The builder will later add high-rise apartment blocks here.
Getamber Anand, managing director of ATS Infrastructure, confirmed that the company has raised funding for the project. “Sector 150 is a prime sector with good connectivity to the Yamuna Expressway and the Faridabad-Noida-Ghaziabad Expressway that has now been declared a national highway. The low density development here will be a big attraction,” he said.
Aspokesman for ICICI Prudential AMC, which manages the ICICI Prudential Real Estate Alternate Investment Fund 1, said of this total commitment, Rs 90 crore has already been put into the project while the rest will be invested in tranches.
While home sales have slowed down in most parts of the country, the National Capital Region (NCR) has been one of the worst hit. Sales have stagnated over the last year or so and many builders have had to resort to offering various schemes to woo buyers. Property brokers, however, say sales have not improved despite these schemes.
According to data from property research firm Liases Foras, sales in the NCR in the quarter ended June dropped 14% year-on-year though sales grew 14% compared with the previous quarter. The unsold stock level in the NCR was the highest among the top eight cities at 325.9 million sq ft, which would take 68 months to sell at the current pace of sales.
Apart from high home prices, home buyers have been also spooked by news of massive delays in delivery of projects across the NCR and in other parts of the country.
Source : Economic Times