Omaxe announces 1200-acre real estate development across Tier 2 and 3 cities
In a major development in the Indian real estate sector, listed developer Omaxe is set to launch approximately 1200 acres of projects across Tier 2 and Tier 3 cities in Uttar Pradesh, Madhya Pradesh, and Punjab. This ambitious plan, spanning the next four years, involves an expected investment of around Rs. 4000 crore.
Focus on High-Return Tier 2 Cities
The company’s strategy highlights the potential of Tier 2 cities, which offer higher returns than their Tier 1 counterparts. Omaxe has already launched two luxury projects in Lucknow and is now gearing up to introduce new projects in Indore, Ujjain, Ratlam, Amritsar, Bhatinda, Chandigarh, Gorakhpur, Allahabad, and Vrindavan.
Substantial Investment in Uttar Pradesh
Omaxe’s expansion in Uttar Pradesh is particularly notable, with a planned investment of about Rs. 2500 crore over four years. This investment will encompass residential, commercial, and retail segments, indicating a comprehensive approach to real estate development in the state.
Expansive real estate growth: Omaxe to invest Rs. 4000 crore in multi-city development
Growth Plans in Madhya Pradesh and Punjab
The company’s presence in Madhya Pradesh will see an investment of Rs. 750 crore, including a 300-acre township in Indore and a 73-acre development in Ujjain. Omaxe is also eyeing a 35-acre land parcel in Ratlam for future projects. Similarly, in Punjab, Omaxe is planning to invest another Rs. 750 crore, with plans for a 250-acre township in Amritsar and a significant project in Ludhiana.
Upcoming Projects and Land Acquisitions
Omaxe’s development strategy includes acquiring mixed-use land and launching various residential and commercial projects. The company is exploring a 15-acre shop-cum-offices project in Chandigarh and expanding into around 40 acres in Bhatinda.
Future Developments in Gorakhpur, Allahabad, and Vrindavan
In Gorakhpur, Omaxe has plans for a 100-acre township, part of which has already been secured through a Memorandum of Understanding. The company is also set to launch new projects in its existing townships in Allahabad and Vrindavan by next year.
Omaxe’s large-scale expansion across multiple cities in India underscores the company’s commitment to driving growth in the real estate sector, particularly in underserved Tier 2 and Tier 3 cities. This significant move is expected to reshape the landscape of urban development in these regions, offering diverse residential and commercial opportunities.