Omaxe launches 1,050 units in Rs 12-20 lakh range

NEW DELHI: Realty firm Omaxe will invest about Rs 175 crore to develop over thousand residential units of Rs 12-20 lakh at Greater Noida, Faridabad and Ludhiana.

The company on Tuesday announced the launch of Omaxe Panache Homes in these three cities where it would offer one-bed room and two-bed room flats to customers in Rs 12-20 lakh range.

Panache Homes is an innovative project taken up by the company to provide affordable homes to people, Omaxe said in a statement.

The national capital-based company would develop 400 units at Greater Noida, 450 at Ludhiana and 200 at Faridabad.

The project cost to develop these units would be Rs 175 crore, which will be funded through internal accruals and advances against sales, company sources said.

The size of the apartments would vary from 650 to 800 sq ft. These group housing projects would be part of the existing township in these cities, he said, adding that construction work is expected to get completed in the next 30 months.