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Saturday, Nov 13, 2004

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Omaxe planning townships in smaller cities

Moumita Bakshi

New Delhi , Nov. 12

WITH residential projects worth Rs 1,000 crore already in the pipeline, real estate company Omaxe is now planning townships in smaller cities such as Lucknow, Jaipur and Agra.

"We are starting township projects in Jaipur, Lucknow and Agra. We plan to take the concept of `Omaxe cities' to places and position it as a brand. In all these cities, we are in different stages of negotiation for acquisition of land and the projects may start before the end of current financial year," Mr Kunal Banerji, Senior Vice-President - Marketing, Omaxe said.

Mr Banerji said that the average area for the townships would be between 50 and 80 acres. "In the next five years, we have plans to establish presence in southern India, Kolkata, Pune, Goa and Bangalore," he added.

The company anticipates a great demand for township projects in smaller cities. "The small cities are expanding, and the demand is no less than that seen in the metros," he said.

All of these projects would fall in the premium category, he said adding that the townships would include group housing (apartments), villas, plots, clubhouses and malls amongst other facilities.

The company has already developed 7.1 lakh square feet and plans to further develop 41 lakh square feet, worth Rs 900 crore of residential space. Omaxe is also developing 22 lakh square feet, worth Rs 600 crore of commercial space.

The company has executed over 100 projects across the country. The projects completed or underway include NRI city at Greater Noida, an 85-acre township that promises a `truly Singapore experience'. The Noida projects - Forest and Royal Residency are being developed amidst natural surroundings.

Green Valley (Faridabad), Habitat Floors (Ghaziabad), South Avenue, Mayfield Garden, Olive in Gurgaon are other residential properties of the Omaxe Group.

Amongst its commercial projects are Omaxe Business Plaza in Gurgaon, Omaxe Arcade, Omaxe Connaught Place and NRI City Centre in Greater Noida.

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