Omaxe sees Rs 250cr revenue from housing project in UP

NEW DELHI: Real estate firm Omaxe Ltd today said it expects a sales revenue of Rs 250 crore over the next two-and-a-half years from a group housing project at Lucknow, in Uttar Pradesh.

The company today announced the launch of Omaxe Residency, which is spread over 14 acres and comprises 960 apartments.

"The project will have a realisation value of about Rs 250 crore," Omaxe said in a statement. This is the company's third project in Lucknow and is expected to be ready for occupancy in the next two-and-a-half years.

Omaxe will offer these units at a basic selling price of Rs 1,750 a sq ft.

The company is currently developing 53 projects, of which 21 are integrated townships, 21 are group housing projects, nine are shopping malls and commercial complexes and two are hotels. It is also executing seven infrastructure and contracting projects.