In a significant move, renowned real estate developer Omaxe Ltd has successfully secured a prime parcel of over 5 acres in Ludhiana, Punjab, through a competitive bidding process orchestrated by the Rail Land Development Authority (RLDA). This valuable acquisition, valued at Rs 220 crore, marks a pivotal step for the company.
Situated in close proximity to Ghumar Mandi Fountain Chowk, Ludhiana, this RLDA land parcel is poised to undergo comprehensive development encompassing both residential and commercial ventures. Omaxe anticipates a substantial upliftment of the local real estate landscape as a result.
The National Capital Region (NCR)-based realty powerhouse underscores the strategic significance of this acquisition, emphasizing its dedication to expanding its presence in key areas linked to the national capital. Notably, the newly acquired land enjoys convenient accessibility, located just a brief five-minute drive from both the railway station and bus stand.
Jatin Goel, Executive Director of Omaxe Group, expressed his enthusiasm, stating, “We are delighted with this successful acquisition of RLDA land in the heart of Ludhiana. Our vision has always been to craft exceptional living and commercial spaces that redefine urban living. This acquisition perfectly aligns with our strategy to bolster our presence in pivotal markets and foster the growth of Ludhiana’s real estate sector.”
The RLDA, a statutory authority operating under the Ministry of Railways, plays a crucial role in the development of railway land, encompassing leasing of commercial sites, multifunctional complexes, colony redevelopment, and station revitalization. Its core focus lies in generating non-fare revenue from underutilized railway land through effective development and monetization strategies.
Established in 1987 by Rohtas Goel, Omaxe Group embarked on a journey dedicated to construction and contracting. Over the years, the group has successfully delivered an impressive 132 million square feet of real estate space.
Presently, Omaxe is actively engaged in two noteworthy public-private partnership projects within the NCR region. These encompass projects in Chandni Chowk, Old Delhi, and Dwarka, the capital’s prominent subcity. The Chandni Chowk venture is slated for operational status by the close of 2023, while progress on the Dwarka project is set to commence by year-end.
Omaxe Limited, established on March 8, 1989, is a publicly traded company. It operates as a prominent player in the real estate industry, specializing in the construction and development of a wide range of real estate projects, including commercial and residential properties.
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