Omaxe Group acquires over 5 acres of 'prime' land in Ludhiana for Rs 220 cr

Realty firm Omaxe Group on Tuesday said it has acquired over 5 acres of land in Ludhiana, Punjab for Rs 220 crore.

In a statement, Omaxe said it has "secured more than 5 acres of prime land... through a competitive bidding process conducted by the Rail Land Development Authority (RLDA)."

The acquisition was finalised at a bidding amount of Rs 220 crore, it added.

Omaxe will develop both residential and commercial projects on this land parcel.

"This acquisition aligns perfectly with our strategy to strengthen our presence in key markets and contribute to the growth of Ludhiana's real estate sector," Jatin Goel, Executive Director, Omaxe Group, said.

Omaxe has delivered over 132 million square feet of realty space. It has delivered 21 group housing real estate projects, 10 integrated townships, and 14 commercial projects ( malls/office spaces/hotels/SCOs).

The group has another 22 million sq ft of space under construction.

This includes seven ongoing integrated townships, five group housing projects and seven commercial projects.