Real Estate Investments in India by Omaxe

Real estate firm Omaxe will develop a residential project at Vishakhapatnam in Andhra Pradesh by investing up to Rs 500 crore in the next 2-3 years

Omaxe has made a deal with Vishakhapatnam Urban Development Authority (VUDA) of 19.53 acres for about Rs 100 crore. The company has already acquired the land for the project.

This project will be a mid-income housing project having an area of 30 million sq ft which will produce Rs.900-1100 crore by selling Rs. 3000 per squre ft of 1500-2000 housing units.

The construction work of project will be commenced in the next 2-3 months and will be completed within 2-3 years.