REAL ESTATE DEVELOPER LIKELY TO LAUNCH THREE RESIDENTIAL PROJECTS IN PUNJAB THIS YEAR
REALTY developer Omaxe Ltd plans to infuse over Rs 6,000 crore into integrated township projects in seven tier II and III towns in Punjab and Haryana. Omaxe is likely to launch three residential projects in Punjab this year and the company is aggressively doubling its land bank from 750 acres to 1,500 acres in the state.
On the company’s radar are Amritsar, Bathinda, Patiala in Punjab and Sonipat, Bahadurgarh, Rohtak in Haryana. Omaxe plans to set up integrated self-dependent townships in these districts that would be completed in next three years. In Haryana, the townships are proposed on 400 acres in Sonipat, 100 in Bahadurgarh, and 80 acres in Rohtak.
The company that was first to enter tier II and III projects in Punjab has received warm response to its high end township project in Punjab. “Better than expected response to the recently launched sample flats at luxury township in Ludhiana has done a lot of good to company’s future plans in Punjab,” Vineet Nanda, VP, marketing and sales, Omaxe said. “All the who’s who of industry in Ludhiana’s has shown keen interest in the project when sample flats were showcased few months ago, “ Mr Nanda said.
Around Rs 300 crore has already been infused into the Ludhiana projects and another Rs 400 crore would bring up luxury office suits, health clubs, spa village with in the township. Also Omaxe has sold out 75% of the 584 units built under group housing project in Derra Bassi.
Also out of 336 acres, Omaxe has sold out plots on 230 acres in Patiala and 110 acres meant for IT, biotechnology, institutes and commercial establishments is to be developed in next two years.
The company is setting up five multiplexes two each at Amritsar, Ludhiana and one in Patiala. The company’s turnover stood at Rs 1,732 crore in the third quarter this year whereas Omaxe notched a turnover of Rs 1,400 crore in 2006-07.
On the company’s radar are Amritsar, Bathinda, Patiala in Punjab & Sonipat, Bahadurgarh, Rohtak in Haryana
It plans to set up integrated selfdependent townships in these districts would be completed in next 3 years
The company that was 1st to enter tier II & III projects in Punjab, has received warm response to its high-end township project in Punjab