Real Estate Developer Omaxe gets Rs. 440 Cr. Debt from Varde partners

Real estate developer, Omaxe gets Rs. 440 Cr. debt from alternative investment firm Varde Partners. The funds will be used to accelerate the building process and delivery of projects, as well as for expansion, according to the company.

Varde Partners has been investing in real estate and credit markets since 2017 and has created more than Rs. 500 crores in commercial real estate loans internationally. The business established a Mumbai branch in 2018 and has spent more than Rs. 200 crores in the country.

Omaxe claims to have repaid net Rs. 550 crores to lenders as main payments in the previous two fiscal years, reducing its debt from Rs. 1400 crores to Rs. 850 crores. Omaxe also sold properties worth Rs. 1,155 crores in the first nine months of the fiscal year 2021-22.

Atul Bansal, Director of Finance, Omaxe, said, “Over the last three decades, Omaxe has built a reputation among homebuyers, investors and financial institutions based on strong fundamentals & financial discipline, quality construction, consistent delivery and a healthy return on investment. We are not doing just this one transaction with Varde but looking to create a long term partnership across projects”.

Omaxe is one of India’s top and trusted real estate businesses, with 127.89 million sq. ft. of delivered space in real estate and construction contracts. Rohtas Goel developed the brand ‘Omaxe’ in 1987 to handle building and contracting operations. Following that, in 2001, the firm ventured into the real estate industry, and in 2007, was listed on both stock markets.

The real estate company has a presence in 27 cities across eight states and a diverse product portfolio that includes hi-tech townships, integrated townships, group housing, shopping malls, office spaces, and a hotel. It is currently developing integrated townships in Indian cities such as New Chandigarh, Lucknow, Ludhiana, Indore, and Faridabad.

The Indian real estate sector has seen consistent growth since the slowdown that occurred due the pandemic. According to NITI Aayog, the government’s policy advisory body, the Indian real estate sector would be worth $1 trillion by 2030 and will contribute for 13% of India’s GDP by 2025.

No ratings yet.

Give Your Valuable Ratings

About The Author

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *