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, Urban Axis Infratech Ltd, the new-age Lucknow-based real estate company, has come into the spotlight to bail out stalled projects and revive the lost hope of people getting their dream homes. 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. After recording tremendous success in the region, the company now eyes to complete stalled housing projects in the NCR region.
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 further add to this problem. As a result, home buyers have to wait 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.
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.”