Omaxe to invest Rs1,500 cr in four projects

Omaxe to invest Rs1,500 cr in four projects

New Delhi: Realty firm Omaxe Tuesday said it will develop four new housing projects at an investment of Rs1,500 crore over the next three years and is mulling increasing prices of existing projects within three months.

“We will launch four projects in the next two months... Our plan is to develop a total of about 2,000 units in these projects," Omaxe chairman and managing director Rohtas Goel told reporters on the sidelines of a National Real Estate Development Council (NAREDCO) event here.

The company would launch the projects in Faridabad, Indore, Allahabad and Chandigarh within the next two months and it has already acquired the land.

“The total investment will be about Rs1,500 crore and we are expecting a revenue realisation of Rs2,300 crore over the next 30 months," Goel said.

The National Capital-based company would consider increasing the prices of its products within this year.

“I guess demand will be such that I may have to raise prices in my existing projects within this year," Goel said.

Asked about the quantum of possible price hike, he said it would be in single-digit, but “in future, it may be more".

Without giving details, Goel said the company has a debt of Rs1,500 crore at present and would reduce it “drastically" by the end of this fiscal.

He said the company would repay the debts through internal accruals and there is no plan to raise funds via private placements of shares.