Omaxe intends to invest about Rs 4,000 crore in Tier II &Tier III cities over the next four year

By Bricksnwall | 2023-11-20

Over the next four years, Omaxe intends to invest about Rs 4,000 crore in Tier II and Tier III cities.

Over the following few years, the firm intends to make incursions into smaller towns. The projects, which are in Tier II cities where the corporation sees more possibilities, will be a combination of residential and commercial endeavors.

According to the company's top executive, listed real estate developer Omaxe plans to begin projects spanning around 1,200 acres in Tier II and Tier III cities in Punjab, Madhya Pradesh, and Uttar Pradesh over the course of the next four years, with an estimated investment of about Rs 4,000 crore.

"Tier II cities yield higher returns than Tier 1 cities. In addition to the two luxury projects we have launched in Lucknow, we also have plans to launch projects in Madhya Pradesh's Indore, Ujjain, and Ratlam; Punjab's Amritsar, Bhatinda, and Chandigarh; and Uttar Pradesh's Gorakhpur, Allahabad, and Vrindavan, according to Omaxe Managing Director Mohit Goel.

Omaxe is presently operating in Lucknow, with intentions to expand into additional Uttar Pradesh locations in the future. Over the next four years, Uttar Pradesh is expected to receive a total investment of over Rs 2,500 crore. This would apply to the retail, business, and residential sectors.

The business intends to build a township in Gorakhpur that will occupy about 100 acres. A Memorandum of Understanding has been signed by the firm to create the township on an approximate 57-acre plot of land. This is anticipated to be released in May or June of next year and will include villas and plots. By the next year, Omaxe also intends to start a project in its current townships in Vrindavan and Allahabad.

Over the next four years, the business plans to invest approximately Rs 750 crore in Madhya Pradesh. Omaxe intends to establish a fourth township in Indore, spanning roughly 300 acres. In Ujjain, we also have a 73-acre township planned. This fiscal year, we want to start both the Indore and the Ujjain projects," Goel stated. Additionally, Omaxe intends to purchase a 35-acre plot of property in Ratlam. 

Omaxe intends to make four years' worth of investments in Punjab totaling about Rs 750 crore. In Amritsar, a new township of 250 acres is anticipated. Goel stated, "These would essentially be plots." Omaxe intends to purchase mixed-use land in Amritsar, while the launching of a 100-acre township in Ludhiana is anticipated for the upcoming fiscal year. Omaxe has plans to start a 15-acre shop-cum-offices complex in Chandigarh, and it is looking into expanding over 40 acres in Bhatinda.