New Delhi: Real estate developer Omaxe Ltd has won as many as 11 bids to revamp, modernize and manage airstrips in Uttar Pradesh, India’s most populous state.
Separately, Omaxe is also entering into the affordable housing segment. The company has firmed up plans to build one million homes in the sub Rs20 lakh range over the next five years, according to Rohtas Goel, chairman of Omaxe.
New direction: Omaxe chairman and MD Rohtas Goel.
Omaxe has set up a subsidiary company called National Affordable Housing and Infrastructure Ltd to oversee the affordable housing project. The company will invest around Rs8,000 crore in the affordable housing project. Omaxe is looking at three sources of funding for this. In the first phase, Omaxe plans to build 10,000 homes which will be constructed in three years.
Meanwhile, Omaxe has already signed a memorandum of understanding for two airstrips at Kushinagar and Aligarh in Uttar Pradesh, which would also have pilot training and aircraft maintenance training institutes. The airstrips will be given to the company on a 30-year lease term on build-operate-transfer basis and Omaxe is planning to partner with Hyderabad-based infrastructure company, GVK Power and Infrastructure Ltd to develop and modernize of these facilities, said Goel.
“We have an understanding with GVK Power and Infrastructure for developing infrastructure projects such as expressways on a project-to-project basis,” Goel said. “We are also looking at developing airstrips with GVK.” A GVK spokesperson said he couldn’t immediately respond to questions. GVK has the expertise in developing airports and is modernizing the Mumbai International Airport.
Anjana Menon, National Editor (Corporate) on Omaxe plans
Last year, a consortium of Omaxe, GVK and Nagarjuna Construction Co. had submitted an unsuccessful bid to develop the Ganga expressway project in Uttar Pradesh.
Real estate developers have jumped into infrastructure development after some of the sizzle in India’s office and residential real estate market started to wear out.
The Uttar Pradesh government is giving 12 airstrips to private investors.