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Omaxe promoter buys out company’s stake

Business

Delhi-based real estate company, Omaxe, has bought out the company’s 51% stake in National Affordable Housing and Infrastructure (Nafil), the affordable housing subsidiary of Omaxe.

Omaxe purchased the 2,550 equity shares of Rs 100 each for Rs6,00,000. Since its formation in May 2008, Nafil existed only on paper with no revenues on its books.

At the time of setting up, Omaxe had proposed an Rs80,000 crore investment in Nafil to develop 10 lakh affordable homes in the next five years.

Affordable housing has been attracting interest both from private equity guys as well as developers. As this segment has seen the maximum demand potential in the near future, it has attracted a lot of other developers as well.

Some companies that have moved to building affordable houses are South-based developer Puravankara who floated a subsidiary, Provident and private equity firm Red Fort Capital (RFC) who announced plans to invest Rs430 crore over the next two years in affordable housing on the outskirts of Bangalore and Hyderabad.

Global private equity fund Warburg Pincus has also announced its intention to invest Rs300 crore in Jaipur-based Mannat Group company, Unique Affordable Homes, for projects in north and west India.

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