Omaxe, the New Delhi-based real estate developer, posted sales of 10.4 million square feet (msf) in the last fiscal as compared to just 0.53 msf in fiscal 2009 when the real estate sector suffered a major setback.
In the last fiscal, the developer launched several new projects totalling 7.47 msf and re-launched 2.27 msf of projects, which were restructured in terms of price and size.
This fiscal Omaxe is expected to construct 10.87 msf of projects which include plots of 4.8 msf and built-up area of 6.04 msf with sales target of Rs 1,700 crore. It will spend Rs 670 crore on construction.
The company’s construction business has an order-book of Rs 840 crore which would be executed over the next two years.
The developer has also been successful in bagging three townships projects at Allahabad, Lucknow and Bulandshahr under hi-tech township policy of Uttar Pradesh.
However, the developer slowed down construction activities due to liquidity constraints last year and is looking to ramp up on execution with possible deliveries of about 19 msf in fiscal 2011 and 22 msf in fiscal 2012.
Omaxe is also looking to raise over Rs 800 crore through qualified institutional placement of shares and would use the proceeds for debt repayment, construction activities and acquisition of cheaper land.
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