New Delhi: Realty firm Omaxe Group has repaid Rs 80 crore loans, including the interest amount, of government-backed stress fund SWAMIH.In a statement on Tuesday, Omaxe said it had made full repayment of the loans availed from SWAMIH fund in two projects at New Chandigarh and Prayagraj.
The SWAMIH (Special Window for Affordable and Mid-Income Housing) fund had sanctioned Rs 168.80 crore for development of 'The Lake' project in New Chandigarh and Rs 60.40 crore for 'Omaxe Shiva, Shiva 2, and Shiva 3' project in Prayagraj.Against the total sanctioned amount, Omaxe Group said it drew only Rs 70 crore. The company repaid around 80 crore, including interest.
Omaxe is developing a group housing project comprising 1,402 units in New Chandigarh.In Prayagraj, it is building 304 units with independent floors."Our association with the SWAMIH fund has been instrumental in advancing these projects to completion. The full repayment of the facility - entirely through internal cash flows - reaffirms Omaxe's commitment to financial discipline, timely delivery, and responsible development," Mohit Goel, Managing Director at Omaxe Ltd, said.
Omaxe is one of the leading real estate developers in the country. The company has delivered about 140.17 million sq ft across 31 cities in eight states -- Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, Rajasthan, Delhi, Uttarakhand, and Himachal Pradesh.
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