Signalling a strong real estate demand in Tier II/III cities, real estate company Omaxe Limited more than doubled its sales at Rs 2145 crore in 2019-20. The Tier II & III cities real estate bellwether Omaxe, in its Annual Report 2019-20 filed in the stock exchanges, said that it sold a total area of 8.26 million square feet worth Rs 2145 crore in FY 2019-20 as against 3.55 million sq. ft. area worth Rs 872 crore in 2018-19.

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The average realization increased for the financial year 2019-20 to Rs 2912 per square feet for residential and Rs 8382 per sq. ft. for commercial projects.

Commenting on the same, Mohit Goel, CEO, Omaxe Ltd. Said, “In the last 15 years, we have gained leadership position in cities like New Chandigarh, Ludhiana, Lucknow, Faridabad, Indore to name a few where we are executing our projects. A strong brand equity will help us continue this momentum in 2020-21 as well.”

Goel credits the company’s foray into Tier II/III cities as early as 2005 to the company’s founder and CMD Rohtas Goel who foretold that these cities would emerge as the future engines of growth and employment.

“Recent developments that have emerged as a result of the COVID-19 pandemic and the increased investment and infrastructure development by governments and businesses in these cities will drive employment, real estate sector and overall growth of the Indian economy in the coming decade,” Goel added.

The company delivered 6.7 million sq. ft. in 2019-20 and targets to develop & deliver around 8 million sq. ft. of area in 2020-21.

“Delivery has been a strong forte of Omaxe and we have been consistently delivering high quality, new and innovative products,” Goel added.

The company’s total delivery as on September 2020 stood at 124.3 million sq. ft. in real estate and construction contracting.

Omaxe says it was among first players, back in 2005, to take the big city real estate experience to Tier II & III cities with a mission to develop these future growth hotspots and provide an aspirational living standard. Since then, the company has solidified its position thereby proving that this strategy is the pillar of its success.