Realty major Omaxe to further tap PPP model to spur growth, makes executive changes

Leading realty firm Omaxe Limited has announced that it is looking for public-private partnerships (PPP) to drive growth and create value in the sector as housing market growth is expected to continue its momentum in 2023.

The PPP has emerged as a model to promote sustainable housing and urban development projects in the country.

The New Delhi-based firm which is into the business of residential commercial projects has also announced major executive changes. The company in a release said that founder Rohtas Goel has relinquished the role of executive director. He will now continue in the capacity of a non-executive director and chairman.

"I am proud to witness the evolution of Omaxe and see my sons take the helm. This transition marks a turning point in the company's history, where Omaxe will embark on new avenues of growth and continue to make significant contributions to the real estate industry," Rohtas Goel said.

The statement said that Omaxe under the leadership of Mohit Goel and Jatin Goel will focus on a debt reduction plan and profitability through public-private partnerships.

"The primary focus is to reduce debt and look for public-private partnerships to drive growth and create value in the industry," Mohit, MD, said in the statement.

The company is currently involved in two public-private partnership projects in Delhi's Chandni Chowk and Dwarka. The company is investing Rs 2,100 crore to develop a sports complex and a retail project at Dwarka.

Incorporated in 1987, Omaxe is into construction and contracting businesses. It has a significant presence in Delhi-NCR, Uttar Pradesh, Punjab and Haryana.