New Delhi Based Real Estate Developer Omaxe Secures 450 Crore Funding Boost from Kotak Mahindra Bank

Omaxe, has successfully raised Rs 450 crore from Kotak Mahindra Bank Limited. This strategic move has enabled Omaxe to repay a significant portion of its debt. Approximately Rs 290 crore from this funding was allocated to settle the loan previously acquired from Värde Partners in April 2022.

Mohit Goel, the Managing Director of Omaxe, acknowledged Värde Partners as a valuable and supportive partner, contributing not just financially but also with strategic suggestions for project improvements.

Future Development and Financial Discipline

The remaining amount of Rs 160 crore from the fund will be channeled into the development of Omaxe's current projects. Atul Banshal, Director of Finance at Omaxe, emphasized that the closure of the Rs 440 crore loan from Värde Partners is a testament to the company's financial discipline, commitment, and resilience. This step marks a significant milestone in strengthening Omaxe's financial position.

Focused Project Development

The Rs 440 crore loan facility originally taken from Värde Partners was specifically earmarked for the Omaxe Chowk project, a prominent retail development venture. Omaxe Group is actively engaged in developing integrated townships in several key locations, including New Chandigarh, Lucknow, Ludhiana, Indore, and Faridabad.

Additionally, the real estate firm is progressing on a multilevel parking and commercial project in Chandni Chowk, Delhi. This project, developed in partnership with the North Delhi Municipal Corporation under a public-private partnership (PPP) model, is anticipated for delivery within this fiscal year.

Expanding Real Estate Portfolio

Omaxe is not just limiting its expansion to commercial projects. The group is also involved in another significant PPP project – a sports facility in Dwarka, Delhi. With a robust track record of delivering over 132 million sq. ft. of real estate space, Omaxe continues to grow its portfolio. The company currently has 22 million sq. ft. of space under construction, demonstrating its continued focus on expanding its real estate development footprint.