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Omaxe Group, a renowned real estate firm in New Delhi, has successfully closed a significant financial chapter by repaying a Rs. 440 crore loan to Varde Partners, originally secured in 2022 for the Omaxe Chowk project. Expressing financial discipline, the company has fully settled the loan amount along with accrued interest. Atul Banshal, Director of Finance at Omaxe, expressed delight in announcing the closure, emphasizing their commitment and resilience.
Simultaneously, Omaxe has secured new financial assistance totalling Rs. 450 crore from Kotak Mahindra Bank. Of this amount, Rs. 290 crore has been used to repay the facility initially obtained from Varde Partners. The remaining Rs. 160 crore is earmarked for the development of ongoing projects, marking a prudent financial strategy to fuel the company's growth.
This successful financial transaction reflects Omaxe's dedication to streamlining its financial structure for sustained growth and success. The closure of the Rs. 440 crore loan from Varde Partners holds significance as it was specifically procured in 2022 for the Omaxe Chowk project situated in Delhi's Chandni Chowk.
Following the launch of luxury projects in Lucknow, Omaxe plans to extend its footprint to cities like Indore, Ujjain, Ratlam, Amritsar, Bhatinda, Chandigarh, Gorakhpur, Allahabad, Vrindavan, and more. The company intends to launch projects across approximately 1,200 acres in Tier II and Tier III cities in Uttar Pradesh, Madhya Pradesh, and Punjab over the next four years. This expansion is expected to entail an investment of around Rs. 4,000 crore.
Omaxe Group, founded in 1987 by Rohtas Goel, has a rich history in construction and contracting. Having delivered over 132 million square feet of real estate space, the company currently has another 22 million square feet of space under construction. The successful closure of the Varde Partners loan and the fresh financial infusion from Kotak Mahindra Bank position Omaxe for continued success in its endeavors.
Omaxe Group's ongoing projects include integrated townships in New Chandigarh, Lucknow, Ludhiana, Indore, and Faridabad. Additionally, the company is involved in public-private partnership projects, such as a multilevel parking and commercial project in Chandni Chowk, Delhi, and a sports facility in Dwarka, the national capital.
To conclude, Omaxe's recent financial moves underscore its resilience, commitment to excellence, and strategic vision for sustained growth. With a solid track record and ambitious expansion plans, Omaxe is set to continue delivering exceptional real estate projects, shaping the landscape of India's urban and suburban spaces.
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