Omaxe Invests Rs 400 Cr in Faridabad Commercial Projects

New Delhi, Mar 22 (PTI) Real estate company Omaxe will invest Rs 400 crore to develop two new commercial projects in Faridabad, Haryana, to expand its business.

The two new projects will be part of its 120-acre mixed-use development named 'World Street by Omaxe'.

The first commercial project New Singapore is spread over 11.6 acre, comprising 15 lakh square feet of area largely retail spaces, while the other project Clarkee, covering nearly 2 acre, will be developed as party and nightlife destination.

The projects are expected to be completed by 2029.

The total estimated cost to build these two projects is over Rs 400 crore, Omaxe said, adding that this will be funded through internal accruals.

The company has launched around 700 units so far.

The rates in these two projects range between Rs 4,000 per square feet to Rs 10,000 per square feet.

Designed as Faridabad's ultimate nightlife destination, Clarkee will host 15+ nightclubs, bars, and restaurants.

Omaxe Group Managing Director Mohit Goel said, "This expansion will bring a world-class retail and lifestyle experience that rivals top international destinations. Faridabad's growing demand for premium commercial spaces makes this the perfect time to introduce a project of this scale and vision".

Established in 1987, Omaxe is one of India's leading real estate developers.

Listed on the NSE and BSE in 2007, Omaxe has delivered about 135.84 million sq ft of real estate across 31 cities in 8 states.

Its diverse portfolio spans residential, commercial, and integrated township projects.