Omaxe looks to rally Rs 400 cr for commercial project
Omaxe has already secured all requisite permissions for the project
Realty developer Omaxe is in advanced talks with private equity firms to rally over Rs 400 crore for its commercial project in Delhi. The project is spread over 4.5 acre of land in Chandni Chowk. It is being developed under public private partnership (PPP) mode alongside the North Delhi Municipal Corporation.
The project involves developing a multi-level parking-cum-commercial centre at Gandhi maidan. It is estimated to increase parking capacity to over 2,400 car parks and 81 tourist buses.
Apart from the private equity induction, the company is expected to fund the project through internal accruals of Rs 250 crore and customer advances of up to Rs 400 crore.
Omaxe has already secured all requisite permissions for the project, construction for which started in July 2019 and expected to be completed by December 2021.
The total development under this project is around one million sq ft, of which around 2.5 lakh sq ft will be retail component, while 1.25 lakh sq ft will be dedicated to food and beverage.