Omaxe Group acquires over 5 acres of land in Ludhiana for Rs 220 crore

Real estate firm Omaxe Group on Tuesday said it has acquired over 5 acres of land in Ludhiana, Punjab for Rs 220 crore.

In a statement, Omaxe said it has “secured over 5 hectares of prime land… through a competitive bidding process conducted by the Rail Land Development Authority (RLDA).” The acquisition was completed at an offer amount of Rs 220 crore, it added.

Omaxe will develop both residential and commercial projects on this plot.

“This acquisition is perfectly aligned with our strategy to strengthen our presence in key markets and contribute to the growth of Ludhiana’s real estate sector,” said Jatin Goel, Executive Director, Omaxe Group.

Omaxe has delivered more than 132 million square feet of real estate space. It has completed 21 group housing real estate projects, 10 integrated townships and 14 commercial projects (shopping malls/office spaces/hotels/SCOs).

The group has another 22 million square feet of space under construction.

This includes seven ongoing integrated townships, five group housing projects and seven commercial projects.