In an exchange filing, the company launched its latest integrated township, New Amritsar, through its subsidiaries.
The company announced that it has acquired 260 acres of land for this township.
In the first phase of this township, Omaxe is developing 127 acres of the acquired land with an investment of over ₹1,000 crore.
Key Points Of the Project
With this, Omaxe has expanded its presence in the state of Punjab. The company has an established presence across six cities in the state, including Chandigarh, Ludhiana, Patiala, Derabassi, Amritsar, and Bathinda.
This project, according to the company, is located 12 minutes away from the Golden Temple.
The project will be developed on Nakodar-Amritsar branch of the Delhi-Amritsar-Katra Expressway. The company is offering residential plots of 300, 500, and 1000 square yards. The first phase of this project is expected to be completed over a four-year period.
This is seen as a part of the company’s goal to invest heavily in Northern India. During an interview with CNBC TV18 in October 2024, Omaxe Group MD Mohit Goel said that the company is set to invest ₹10,000 crore over the next 2-3 years across Northern India, with a specific focus on Delhi, Faridabad, Uttar Pradesh, Haryana, and Punjab.
Shares of Omaxe Ltd. are trading 10.6% higher post the announcement on Monday at ₹105.47. The stock has risen 30% in the last one month.
(Edited by : Hormaz Fatakia)
