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Omaxe to build low-cost homes
May 15, 2008: Omaxe, a realty firm has lined up a $20-billion (around Rs.80,000 crore) investment to develop 10 lakh "affordable" homes for low-income consumers in cities such as Sonepat, Nimrana, Bhiwadi.
The company is planning to offer these housing units, to be developed in the next five years, in a price range of Rs 3-15 lakh per flat. Omaxe has set up a new subsidiary ‘National Affordable Housing and Infrastructure' to develop these affordable housing units. The company will develop around 10 lakh units with an investment entailing Rs.80,000 crore. However, these units may not come up in metro cities like Delhi and Mumbai due to high land costs
Omaxe would come up with such project in tier II and III cities of north India and would later expand it to other parts of the country.
Source: Business Standard