Omaxe sales grow more than double at Rs 2,145 crore

Signalling a strong real estate demand in Tier-II/III cities, Omaxe Limited more than doubled its sales at Rs 2,145 crore in 2019-20.

In its annual report filed in the stock exchanges, Omaxe said it sold a total area of 8.26 million square feet worth Rs 2,145 crore in FY 2019-20 as against 3.55 million sq. ft. area worth Rs 872 crore in 2018-19.

The average realisation increased for the financial year 2019-20 to Rs 2,912 per square feet for residential and Rs 8,382 per sq. ft. for commercial projects.

Mohit Goel, CEO, Omaxe Ltd, said, “In the last 15 years, we have gained leadership position in cities like New Chandigarh, Ludhiana, Lucknow, Faridabad, Indore to name a few where we are executing our projects. A strong brand equity will help us continue this momentum in 2020-21 as well.”

Goel credited the company’s foray into Tier-II/III cities as early as 2005 to the company’s founder and CMD Rohtas Goel who foretold that these cities would emerge as the future engines of growth and employment.

“Recent developments that have emerged as a result of the COVID-19 pandemic and the increased investment and infrastructure development by governments and businesses in these cities will drive employment, real estate sector and overall growth of the Indian economy in the coming decade,” he added.

The company delivered 6.7 million sq. ft. in 2019-20 and targets to develop and deliver around 8 million sq. ft. of area in 2020-21.

“Delivery has been a strong forte of Omaxe and we have been consistently delivering high quality, new and innovative products,” Goel said.

The company’s total delivery as on September 2020 stood at 124.3 million sq. ft. in real estate and construction contracting.