Urban Axis enters NCR market, aims to bail out stuck realty projects | The Financial Express

Urban Axis enters NCR market, aims to bail out stuck realty projects

The company has recently bailed out two stuck projects in Lucknow and provided living spaces to nearly 600 families.

Urban Axis enters NCR market, aims to bail out stuck realty projects
While the upgrades were concentrated in the aforementioned six sectors, each of these reflected a specific set of sectoral drivers.

Incomplete residential real estate projects are a significant problem in India, shattering the home-buying dreams of lakhs of buyers every year. Witnessing this prevailing complicated scenario, Lucknow-based real estate company Urban Axis Infratech Ltd has entered the NCR region to complete stalled housing projects in the region.

The company has recently bailed out two stuck projects (Luvnest and Urban Woods) in Lucknow and provided living spaces to nearly 600 families through its novel ventures.

Multiple real estate projects in India are often mired in legal problems and are stalled for countless years. The unregulated and traditional approach of the real estate sector is the primary reason behind the delay that enables builders to initiate projects without proper scrutiny.

Financing problems from banks and economic slowdown have further added to this problem. As a result, home buyers have to wait for several years to move into their new homes. Some are even forced to pay their home loan EMIs without being the actual owners of their properties. As NCR is a region where three-fourths of such stalled projects are located, Urban Axis intends to give them a new life and later provide safe, secure, and comfortable homes to the people on time.

Also Read: What happens when you default on 3 consecutive home loan EMIs?

Speaking on this occasion, Shashank Gupta, Executive Chairman and Managing Director, Urban Axis Infratech Ltd, said, “At Urban Axis, we are committed to providing contemporary and affordable residential spaces to India’s middle-class and upper-middle-class sections. We specialise in bailing out failed/stuck projects and facilitating their completion. As we step into NCR, we plan to help clear stalled projects in this space, followed by Lucknow, so families can fulfill their dream of owning a home on time. Moreover, Urban Axis’ commitment to developing projects in line with the needs of the customers and market demands will also contribute to the urban development of NCR.”

Urban Axis Infratech Limited was founded in 2015 by an IITian, Shashank Gupta, under the guidance of his father, K B Gupta. It is on a mission to bail out stuck/failed projects and transform them into modern and affordable living spaces which offer best-in-class and ultra-luxurious amenities.

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