Axon Developers to invest over Rs.300-Cr to develop two stuck projects in NCR

Axon Developers, backed by brokerage firm 360 Realtors, has acquired a stuck retail asset in Gurugram for INR 116 crore, and the company plans to invest another INR 80 crore for the completion of the project in the next two-and-a-half years. The company has additionally undertaken the development of a stalled residential project in Greater Noida on a direct management model with a budget of INR 100 for its completion. The company's new projects are Keltech Kumar Imperial Green (Noida Extension, Uttar Pradesh), which has 350 units, and Manish Gallexie 91 (Sector 91, Gurugram) which has 400 units. In the Keltech project, only 40% of construction was done, and Axon has already resumed the construction work, which was stopped for three years. There are 150 unsold units in the project, which will be sold to recover the investment.