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Realty developer Omaxe Group has acquired a five-acre land in Ludhiana, Punjab through bidding process by the Rail Land Development Authority (RLDA) for Rs 220 crore. The acquisition is for both residential and commercial developments in the city.
The property is adjoining Gumarmandi, and is located in the heart of Ludhiana. The development, which is five minutes drive from the railway station and bus stand, would also strengthen the area’s real estate market.
The acquired land would be utilised for both residential and commercial development, creating a varied option for investment. As a a forward strategy to fortify the company’s presence in key markets, it is set to enhance the urban landscape while providing superior value to its customers.
Omaxe is currently involved in two public-private partnership (PPP) projects in Chandni Chowk and Dwarka in Delhi. The real estate development company has received occupancy certificate for its retail project, Omaxe Chowk, at Chandni Chowk, and expects it to be operational by the end of this year, and anticipates commencing Dwarka project by the year-end. Omaxe has 22 million sq. ft. of space under construction.
During the current financial year, RLDA has leased out sites at Waltax Road (Chennai), Ajmer (Rajasthan), Bijwasan (Delhi), Kharagpur and Solapur (Maharashtra) for a cumulative lease premium of Rs 1,622 crore including railway assets to be developed in Kharagpur Railway Colony. In addition, RLDA has sold the land in Kolkata and Bangalore.
RLDA has recently awarded the station redevelopment works for Chhatrapati Shivaji Maharaj Terminus (CSMT) railway station on EPC model. |
