Realty firm Omaxe to invest Rs 2,100 crore to build sports, retail complex
Realty firm Omaxe has bagged a project from DDA to develop a sports complex and retail project at Dwarka in the national capital at a cost of Rs 2,100 crore.
The company has secured this 50-acre project from the Delhi Development Authority (DDA) under the “Design Build Finance and Operate” model. It will build both outdoor and indoor sports facilities. A large cricket-cum-football stadium is also being planned, besides a retail area.
The total investment is estimated at about Rs 2,100 crore, of which Rs 1,300 -1,400 crore will be on sports complex and the rest on retail area.
Omaxe Ltd Chairman Rohtas Goel said: “We have bagged a project from DDA, located in Dwarka, New Delhi.”
It will be the first sports facility to be developed by the DDA in PPP (Public Private Partnership) model.
“We will develop a world-class cricket stadium and sports complex in this project. It will be a marquee project facilitating the sports infrastructure at par with global standards,” Goel said.
The retail portion would offer spaces for shopping, dining, and sports-related activities.
“This project will be a big boost to the infrastructure upgradation in the National Capital and is likely to create a huge economic multiplier effect,” Goel said.
Omaxe will build and maintain the sports stadiums and clubs for 30 years, thereafter it would be handed over to DDA. The commercial area developed by Omaxe will be for a leasehold period of 99 years.
The land parcel of 50.40 acre is being handed over to Omaxe for development of sports arena and commercial area.
As per the agreement, Omaxe will develop an outdoor stadium with a minimum 30,000 seating capacity. It will be an international cricket-cum-football stadium/ football stadium.
Indoor sports facilities will have 2,000 seating capacity.
The sports complex will also have an olympic size swimming pool and also facilities for tennis, badminton, squash and table tennis.
The project will have a membership-based sports club with minimum 3,000 members.
In the commercial area, Omaxe will develop about 3.5 lakh square feet of retail space.
In April, the company had raised Rs 440 crore from Vrde Partners to expedite construction of its existing projects as well as expand its business.
Omaxe Group is developing integrated townships in New Chandigarh, Lucknow, Ludhiana, Indore and Faridabad.
It is also developing a multilevel parking-cum-commercial project in PPP model with North Delhi Municipal Corporation in Chandni Chowk, Delhi.
Omaxe has delivered about 130 million square feet area in real estate and construction contracting businesses.
The company has presence in 27 cities across eight states/UTs namely Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan, Delhi and Himachal Pradesh.
Omaxe has a diversified product portfolio that includes hi-tech townships, integrated townships, group housing, shopping malls, office spaces, SCOs and hotels.
It is currently undertaking 21 real estate projects: three group housing, 12 townships, and six commercial projects.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)