New Delhi: Real estate company Omaxe Ltd has bought 450-acre land in Indore to develop a township at an investment of Rs 1,200 crore as it looks to expand business in Tier-II cities.
In a regulatory filing on Tuesday, the company said it is expanding its business in Madhya Pradesh with the acquisition of a 450-acre of land in Indore.Omaxe will develop an integrated township on this land.
"With an estimated investment of Rs 1,200 crore, the development will be executed in multiple phases and is expected to generate Rs 2,500 crore in revenue over the next three years," the company said.
The company will fund the investments through internal accruals.Omaxe will develop residential plots, housing clusters, commercial spaces, retail zones, hospitality spaces, school and healthcare facilities in this proposed township.Omaxe said it entered the Madhya Pradesh market in 2005 and has delivered 15 projects already in the state.
In the last 20 years, Omaxe has established a presence in Indore, Ujjain, and Ratlam, with a land bank of about 1,170 acres. It has completed and is developing township projects in these cities.
Omaxe, which is one of the leading real estate firms in the country, has established a footprint in 30 cities in 8 States of North and Central India, and the company has delivered more than 135 million sq ft of area since inception.
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