Omaxe to invest close to Rs 4000 crore in Tier 2, Tier 3 cities

20 Nov 2023 Evaluate

Omaxe is planning to invest close to Rs 4000 crore in Tier 2 & Tier 3 cities in Uttar Pradesh, Madhya Pradesh and Punjab across the next 04 years. The company is planning to launch 1200 acres (approximately) across Tier 2 & Tier 3 cities. 

Tier 2 cities offer higher returns than Tier 1 cities. While the company has launched two luxury projects in Lucknow, the company is planning to launch projects in Indore, Ujjain and Ratlam in Madhya Pradesh; Amritsar, Bhatinda and Chandigarh in Punjab and Lucknow, Gorakhpur, Allahabad and Vrindavan in Uttar Pradesh.

Omaxe is currently active in Lucknow but plans to enter more cities in Uttar Pradesh going forward. The total investment for Uttar Pradesh is likely to be around Rs 2500 crore in the next four years. This would be across residential, commercial and retail segments.

Omaxe investment in Madhya Pradesh is expected to be around Rs 750 crore spread over next 04 years. In Indore, Omaxe is planning to launch a fourth township spread across 300 acres (approximately) and the company is also planning around 73 acre township in Ujjain. 

Omaxe is planning to invest around Rs 750 crore in Punjab spread over 04 years. A new township spread over 250-acre is expected to come up in Amritsar and these would primarily be plots. Omaxe is planning to acquire mixed-use land in Amritsar and a township spread across 100 acres is expected to be launched in Ludhiana next fiscal. In Chandigarh, Omaxe is planning to launch around 15-acre shop-cum-offices project and in Bhatinda it is exploring to expand into around 40 acres.

In Gorakhpur, the Company is planning to launch a township spread across 100 acres (approximately) in future, out of which the Company has entered into a Memorandum of Understanding for development of township on land admeasuring 57 acres (approximately). This is expected to comprise plots and villas and expected to be launched in May or June next year. Omaxe is also planning to launch a project in its existing township in Allahabad and Vrindavan by next year.

Omaxe is an India-based company engaged in real estate and infrastructure businesses. The Company operates in two segments Real estate and Construction.

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