Omaxe to build township in Lucknow, eyes Rs 2,800 cr revenue

Realty firm Omaxe today said it would develop a 2,700-acre hi-tech township at Lucknow in Uttar Pradesh and expects a revenue of over Rs 2,800 crore from the project.

Garv Buildtech, which is a subsidiary of the company, has entered into a memorandum of understanding with the Lucknow Development Authority, to develop the township, Omaxe said in a filing to the Bombay Stock Exchange.

"The proposed township would yield estimated revenue of over Rs 2,800 crore and is to be executed in phases over a period of five to seven years," the Delhi-based company said.

On September 10, Omaxe had announced development of a township in Bulandshahar. It's subsidiary Rivaj Infratech has entered into an MoU with the Bulandshahar Development Authority to develop the project.

Omaxe had said that it expects to realise estimated revenues of over Rs 7,500 crore from the project, which would be executed over a period of five to seven years.