Omaxe, New Delhi-based real estate developer, is focusing more towards Tier II and Tier III cities as it is seeing more opportunities in the small towns and the inventory piles up in Tier I cities. The company has also identified low-rise housing and plotted developments as the new growth drivers.
In the last fiscal, the major projects that contributed to growth of the company were those in Noida, Ludhiana, Faridabad, Mullanpur near Chandigarh and Rohtak, which were in the bracket of low-rise housing, plotted developments.
Recently, the company had received its board’s approval to raise funds upto Rs 600 crore by various means including issuance of further securities to persons other than the existing equity shareholders.
Omaxe started operations as a civil construction and contracting company and has executed over 120 prestigious industrial, institutional, commercial, residential and hospital construction projects. In the year 2001, the company entered the real estate development business. Today it is among the large real estate development companies in India.