Vardhman Amrante to Invest Rs 1,350 cr in Punjab Realty

New Delhi, May 5 (PTI) Oswal Group's realty firm Vardhman Amrante Pvt Ltd on Monday said it will invest Rs 1,350 crore over the next three years to develop 3-4 projects in Ludhiana and some other cities of Punjab as part of its expansion plan.

Ludhiana-based Oswal Group, which is into the textile business, entered the real estate sector in 2014. The company has developed 15 lakh sq ft area in the residential segment so far and is currently building a shopping mall covering 2.75 lakh sq ft area.

"We will be investing Rs 1,350 crore over the next three years to develop real estate projects," Oswal Group Chairman and Managing Director Adish Oswal told reporters here.

He said these investments would be done through internal accruals.

The company plans to develop 3-4 projects, Oswal said, adding that these upcoming developments would be in residential, commercial and hospitality segments. These future projects would be certified green buildings.

Vardhman Amrante Pvt Ltd is primarily looking at Ludhiana and some other growth cities in Punjab like Bhatinda, Oswal said.

The company already has a few land parcels to develop projects, and some land deals are under discussion, he said, without divulging any further information about the upcoming projects.

"There are a lot of opportunities in Punjab's real estate market. The state needs quality housing, commercial, hospitality, and industrial park projects," Oswal said.

Oswal Group has a listed entity - Vardhman Polytex, which posted a total revenue of Rs 400 crore in the 2023-24 financial year.