Logix Group to scale down portfolio
Hit by the ongoing liquidity crisis involving non-banking financial companies (NBFC) and slow market conditions, realty firm Logix Group has decided to scale down its portfolio by bringing on board partners to either construct, sell or raise debt for many existing projects, said a top company executive.
Last week, the Noida-based the builder firm brought in ATS Group, another developer based in the National Capital Region (NCR), as a project management consultant to complete construction and deliver around 4,500 apartments across three delayed projects. Logix has also formed a joint venture with Tribeca Developers, builders of Trump Towers in India, to develop a mixed-used project in Noida at an investment of about ₹250 crore. Around ₹100-150 crore of the total investment will be raised as debt.
Logix is in discussions with developers both from NCR and outside to strike similar strategic partnerships in the coming weeks for land parcels, as well as its ongoing residential projects. With Tribeca, for instance, it plans to enter into a similar partnership for another mixed-use development.