Is Shraddha Kapoor's ‘Naagin’ trilogy shelved because of Bollywood’s recent flops?

Shraddha Kapoor had signed up to play the lead in Vishal Furia's Naagin trilogy and was to begin shooting for the same after wrapping up Luv Ranjan's next with Ranbir Kapoor. However it looks like the film has been put on the back burner.
Backed by Nikhil Dwivedi, this trilogy is said to be heavy on VFX and will feature Shraddha in the role of a Naagin. According to a news portal, the makers have decided to put the film on hold because of its massive budget.The recent dry spell of Bollywood misses made the makers rethink ‘Naagin’, a source told Mid-day. The failure of several recent big-ticket movies has decided the fate for Naagin too, which may be revisited later.
Speaking about the ambitious project, director Vishal had previously shared, “It’s an interesting space. This idea of a naagin has been with us for a while but I would like to believe that it has not been justified enough. Nikhil Dwivedi has a vision for this project. He wants to make it different from all the versions of the past; he has plans for a completely new world for the character. It requires heavy VFX and our approach is different from whatever has been presented so far.”