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“Tier 2 cities offer higher returns than Tier 1 cities. While we have launched two luxury projects in Lucknow, we are now 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,” the company stated in regulatory filing.
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 2,500 crore in the next four years. This would be across residential, commercial and retail segments.
The firm investment in Madhya Pradesh is expected to be around Rs 750 crore spread over next 4 years. In Indore, the firm is also planning to launch a fourth township spread across 300 acres (approximately) and it also planning around 73 acre township in Ujjain. The firm is hoping to launch both the Indore and the Ujjain projects this fiscal. The company is also planning to acquire around 35 acre land parcel in Ratlam. Plotted and mid segment projects are expected to come up across these three cities.
The real estate developer is planning to invest around Rs 750 crore in Punjab spread over 4 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 it has 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). It is expected to comprise plots and villas and expected to be launched in May or June next year. The firm is also planning to launch a project in its existing township in Allahabad and Vrindavan by next year.
Omaxe is mainly into the business of developing real estate properties for residential, commercial and retail purposes.
The company reported a consolidated net loss of Rs 84.35 crore in Q2 FY24 as compared with a net loss of Rs 87.49 crore in Q2 FY23. Net sales surged 123.8% YoY to Rs 266.09 crore in Q2 FY24.
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