Founder and Managing Director of Axon, Ankit Kansal said that to complete the Keltech Kumar Green Project the company has entered into a development agreement. This project is located at Noida extension in Uttar Pradesh and comprises 350 flats.
Axon Developers, a realty firm recently set up by promoters of brokerage firm 360 Realtors, said on Thursday that in Delhi-NCR it has taken over two real estate projects. Also, an amount of Rs 300 crore will be invested to finalize these projects.
Founder and Managing Director of Axon, Ankit Kansal said that to finish the Keltech Kumar Green Project the organization has come into a development partnership. This project is located at Noida extension in Uttar Pradesh and comprises 350 flats.
He told reporters that it has completely obtained a retail project ‘Manish Galleria 91’, having 3.5 lakh square feet saleable area, in Gurugram from Manish Buildwell.
“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.
In the next 18 months, the company will invest around Rs 110 crore to finish off the residential project at Noida Extension. The investment will be through internal accrual and sales, he added.
“We will invest around Rs 200 crore over the next two and half years to complete the Gurugram retail project,” he said.
Kansal said from these two projects the company anticipates the fulfillment of a sale of around Rs 650 crore, of which Rs 500 crore will come from retail projects.
“We have also put bids to acquire projects through an insolvency process. We are also looking for greenfield projects,” Kansal said.
One of the leading property brokerage firms, 360 Realtors last year partnered with Rising Straits Capital to initiate a Rs 100 crore stress fund to deliver last-mile financing to builders to finalize their residential properties.
To complete the stalled and stressed residential, in 2019, the government had set up a Rs 25,000 crore fund across the country.