Omaxe Invests ₹500 Crore in Ludhiana Mega Project
Overview
Omaxe Limited is injecting ₹500 crore into its Omaxe Chowk project in Ludhiana, Punjab. The integrated development, spanning 5.25 acres, will feature organized retail and luxury residences. Expected completion is June 2030, with the announcement boosting Omaxe shares over 14% intraday.
Stocks Mentioned
Omaxe Chowk Project Unveiled
Omaxe Limited, an Indian real estate developer, announced a ₹500 crore investment to develop the Omaxe Chowk project in Ludhiana. This significant capital infusion aims to transform the city's retail and residential landscape.
Ambitious Development Plans
The Omaxe Chowk project will be situated on a 5.25-acre land parcel in Ghumar Mandi, secured from the Rail Land Development Authority (RLDA). Developed as a public-private partnership, it combines commercial spaces with luxury residential units, envisioned as an integrated urban destination.
Timeline and Vision
The company expects the project to be completed by June 2030, adhering to Real Estate Regulatory Authority (RERA) timelines. Omaxe Chowk is designed to offer a structured alternative to traditional markets, blending organised shopping with dining and entertainment, including a dedicated food zone named 'Dawatpur'.
Economic Boost and Job Creation
Beyond redefining organised retail, the development is projected to create substantial local employment opportunities, both during the construction phase and in the long term across retail, F&B, and facility management sectors. This is expected to bolster business activity and economic growth in Ludhiana.
Market Responds Positively
Following the announcement, Omaxe's share price surged, climbing over 14% during intraday trading. This positive market reaction reflects investor confidence in the project's potential, adding to a 25% gain over the past month, though the stock remains down over 4% year-on-year.
