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Updated on: Thursday, November 18, 2021, 06:13 PM IST

Axon Developers takes over 2 stressed projects in Delhi-NCR; to invest Rs 300 cr on completion

Axon Developers has entered into a development agreement to complete Keltech Kumar Imperial Green project, comprising 350 flats at Noida extension in Uttar Pradesh / Representational Image |

Axon Developers has entered into a development agreement to complete Keltech Kumar Imperial Green project, comprising 350 flats at Noida extension in Uttar Pradesh / Representational Image |

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Realty firm Axon Developers, which has been newly set up by promoters of brokerage firm 360 Realtors, on Thursday said it has taken over two stressed real estate projects in Delhi-NCR and will invest over Rs 300 crore to complete them.

The company has entered into a development agreement to complete Keltech Kumar Imperial Green project, comprising 350 flats at Noida extension in Uttar Pradesh, Founder and Managing Director of Axon Ankit Kansal said. It has fully acquired a retail project 'Manish Gallexie 91', having 3.5 lakh square feet saleable area, in Gurugram from Manish Buildwell, he told reporters here.

''We have launched a new company which will mainly focus on completion of stressed and stalled projects especially in North India. We have already taken over two projects in Delhi-NCR,'' Kansal said.

The company will invest around Rs 110 crore to complete the residential project at Noida Extension in the next 18 months. ''We will invest around Rs 200 crore over the next two and half years to complete Gurugram retail project,'' he said.

Kansal said the company expects a sales realisation of around Rs 650 crore from these two projects, of which Rs 500 crore will come from retail project.

The investment will be through internal accrual and sales, he added. Axon Developers is looking at acquiring more projects in Delhi, Noida, Gurugram and Lucknow, both through greenfield and brownfield routes.

''We have also put bids to acquire projects through insolvency process. We are also looking for greenfield projects,'' Kansal said.

Last year, 360 Realtors, which is one of the leading property brokerage firms, had partnered with Rising Straits Capital to launch a Rs 100 crore stress fund to provide last mile financing to builders to complete their residential properties. In 2019, the government had set up a Rs 25,000 crore fund to complete the stalled and stressed residential projects across the country.

(With inputs from PTI)

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Published on: Thursday, November 18, 2021, 06:13 PM IST
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