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Omaxe, a listed real estate developer, is gearing up to invest a substantial sum of approximately Rs 4,000 crore in the coming four years, focusing on Tier II and Tier III cities. The company's strategic move involves venturing into smaller towns, aiming for a diverse portfolio of residential and commercial projects where they foresee significant potential and greater returns. The expansion plan encompasses launching projects across approximately 1,200 acres in Tier II and Tier III cities situated in Uttar Pradesh, Madhya Pradesh, and Punjab. Managing Director of Omaxe, Mohit Goel, shared insights into their approach, emphasizing the higher return potential in Tier II cities compared to Tier 1 counterparts. Omaxe has already introduced two luxury projects in Lucknow and is now eyeing expansion into cities like Indore, Ujjain, Ratlam, Amritsar, Bhatinda, Chandigarh, Gorakhpur, Allahabad, and Vrindavan. While already active in Lucknow, Omaxe's forward trajectory involves a more extensive presence in Uttar Pradesh. The projected investment for the state is estimated to be around Rs 2,500 crore over the next four years, encompassing residential, commercial, and retail segments. In Gorakhpur, plans are underway for a sprawling township across 100 acres, incorporating plots and villas. Additionally, agreements have been made for projects in existing townships in Allahabad and Vrindavan, set to launch next year. Moving towards Madhya Pradesh, Omaxe anticipates an investment of around Rs 750 crore spread across the next four years. Indore is on the radar for a fourth township covering 300 acres, with plans for a 73-acre township in Ujjain. Launches for both projects are expected within this fiscal year. Omaxe is also eyeing a 35-acre land acquisition in Ratlam, with plotted and mid-segment projects earmarked for development in these cities. In Punjab, Omaxe plans an investment of around Rs 750 crore over four years. Amritsar is slated for a new township sprawling across 250 acres, primarily featuring plotted developments. Additionally, mixed-use land acquisitions in Amritsar and the launch of a 100-acre township in Ludhiana are anticipated in the next fiscal year. Chandigarh is marked for a 15-acre shop-cum-offices project, while Bhatinda is being explored for development over 40 acres. Omaxe's comprehensive investment strategy reflects a calculated move to tap into the growth potential of Tier II and Tier III cities, diversifying their projects across regions with a strategic focus on various property segments.
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