Omaxe Ltd is investing ₹500 crore in its project Omaxe Chowk located in Ludhiana, Punjab. The integrated development on 5.25 acres will offer organized retail, as well as premium residential spaces. The expected date of completion is June 2030, which aided an increase in Omaxe shares by over 14%.
Omaxe Chowk Project Unveiled:
The Omaxe Limited, an Indian real estate developer, made an announcement about investing in the Omaxe Chowk project located in the city of Ludhiana, with an amount of ₹500 crore.
Ambitious Development Plans:
The Omaxe Chowk project would be located on a plot of 5.25 acres in Ghumar Mandi and has been secured from the Rail Land Development Authority or RLDA. The project would be an example of a public and private partnership venture with commercial and super luxury residential spaces.
Timeline and Vision:
The estimated completion date of the project, as per the company, would be June 2030, and would be in accordance with the RERA timelines. Omaxe Chowk aims to provide an organised alternative to the typical markets, including a ‘Dawatpur’ area specifically focusing on the food zone.
Promotion of Economy and Employment Creation:
Apart from redefining organized retailing, it is expected that this project will generate jobs in Ludhiana, not only during construction, but in years to come in terms of sectors like retail, food, beverages, and facility management as well. This will surely help in increasing business activity and economic development in Ludhiana.
