The best-laid plans
Mohit Goel, CEO, Omaxe Limited, is eagerly looking at increasing the company’s footprint in tier II and III cities. Interviewed by Jayashree Mendes
Omaxe is a leading real estate developer in northern India. How do you perceive the real estate market growing in those locations?
We have a vast presence in north and central Indian states of UP, Haryana, MP, Punjab, etc. The real estate growth has been encouraging in the last few years and improving for good. These cities have been giving up traditional homes and lifestyle for modern homes and embracing community living where lifestyle facilities value add their living experience. The idea of self-sustained townships is fast catching up. Fast infrastructure development, friendly policies, rising income and employment opportunities have encouraged people to harness the opportunities available in these cities and as a result developers too have taken a leap. The demand-supply dynamics remains comfortable.
With the new government in, what is your outlook on the real-estate prices over the next one year?
A host of factors will shape real estate sector and the overall economy in the next nine to 12 months subject to inflation and interest rate. The government’s intent to promote realty and infrastructure growth has been duly emphasised in the Budget. The RBI’s directive on affordable housing, too, is a positive move and a welcome sign for better prospects ahead. The concept note on smart cities put forward by the government, too, signals good signs ahead. The interest rate remains a concern. However, declining inflation may see RBI cut rates in the coming times.
Considering that the Budget has provided a boost to affordable housing, how does Omaxe plan to capitalise on this going forward?
Affordable homes face considerable shortage. Omaxe has majorly been an affordable housing player. Our presence in tier II and III cities catering to that income category has been the reason why Omaxe properties go off the shelf quickly. Besides, we offer a wide range of offerings – from plots, villas, floors, group housing, etc. We are not only expanding our existing projects but also looking for viable locations that pose significant opportunity in tier II and III cities. Our presence in 30 cities, out of which we have offered possession in 23 such cities encompassing delivery of 58 million sq. ft. only reinforces our commitment and strength.
Could you offer a glimpse of the Royal Residency in terms of it being futuristic?
Priced at approximately Rs 60 lakh, these apartments are crafted to inspire with units of 1,685 sq. ft. in 3BHK+3 toilets. A double height entrance lobby, ample parking space, open gym, driver lounge, etc are some of the exciting offerings besides a brilliant architecture and world-class fixtures and amenities. The concept of live-work-play will be re-defined. Omaxe City Centre’s offerings aren’t just limited to residential complex. The World Street Junction will be the main attraction. Aesthetical elegance through design, elevation and landscaping, reminiscent of destinations like London, New York, Johannesburg, Buenos Aires, Singapore and Melbourne will be recreated. The project will also have options of SCO plots, retail, underground pallika bazar, office spaces, service apartments, hypermarket, hotel and restaurant and family entertainment centre and club. Designed by DYER, an acclaimed London based architect; beautiful landscape, walkways, world-class club will add to its desirability.
You were planning to raise 300-400 crore from equity in June. Could you tell us about the status? What are some of the projects the money will be used on?
We are in the very preliminary stage of the consultation process. Most of the money that we raise on the debt or equity side is for speeding up construction and expanding our projects.