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Omaxe Ltd., a prominent real estate developer listed on the stock exchange, has achieved a significant milestone by securing a vast land parcel of over 5 acres in Ludhiana. This acquisition was made through a competitive bidding process overseen by the Rail Land Development Authority (RLDA), and the transaction amounted to a substantial Rs 220 crore, as reported by the company. The acquired land, strategically located near Ludhiana's Ghumar Mandi Fountain Chowk in Punjab, holds immense potential for both residential and commercial development.
Omaxe Ltd. believes that this move will not only enhance its presence but also contribute to the growth of Ludhiana's real estate sector by invigorating the local market. The realty firm, based in the National Capital Region (NCR), has a clear vision of expanding its footprint in key locations closely connected to the national capital. The recently acquired land enjoys a prime location, being just a convenient five-minute drive away from both the railway station and the bus stand. Jatin Goel, Omaxe Group's Executive Director, conveyed his excitement about the successful RLDA land acquisition in Ludhiana.
Goel emphasized their commitment to crafting outstanding residential and commercial spaces that transform the cityscape. This acquisition seamlessly fits their strategy of bolstering their presence in vital markets and fostering Ludhiana's real estate sector's growth. The RLDA, a statutory body under the Ministry of Railways, holds a pivotal role in advancing railway land development. It encompasses various activities, including leasing commercial sites, developing multifunctional complexes, redeveloping colonies, and revamping railway stations. One of its primary objectives is to generate non-fare revenue by effectively developing and monetizing vacant railway land.
Omaxe Group, founded in 1987 under the leadership of Rohtas Goel, initiated its journey in the construction and contracting business. Over the years, it has made a significant impact by delivering more than 132 million square feet of real estate space. Currently, Omaxe is actively engaged in two public-private partnership projects within the NCR, including ventures in Chandni Chowk (Old Delhi) and Dwarka, a prominent subcity of the national capital. The Chandni Chowk project is on track to become operational by the end of 2023, while work on the Dwarka project is slated to commence later this year.
The group's impressive portfolio boasts the successful delivery of 21 group housing real estate projects, 10 integrated townships, and 14 commercial projects encompassing malls, office spaces, hotels, and SCOs (shop-cum-office spaces). Additionally, the group currently has approximately 22 million square feet of space under construction. This includes seven ongoing integrated townships, five group housing projects, and seven commercial projects, reflecting Omaxe's commitment to shaping vibrant urban landscapes.
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