05 June 2020

Table of Contents for Realty Biz

Interview-Mohit Goel (Omaxe Ltd)

Omaxe has carved a niche for itself with luxury and affordable real estate offerings


The growth story of Omaxe Ltd, one of India’s leading real estate companies, started in 2001. The North India based realty group has in its kitty a diversified portfolio of projects that includes integrated and hi-tech townships, group housing, shopping malls, office spaces, SCOs and hotels. MOHIT GOEL, CEO, OMAXE LTD responded to queries from CONSTRUCTION OPPORTUNITIES on the company’s growth strategy and philosophy which has contributed to building its brand identity in the realty sector.


Take us through the growth story of Omaxe Ltd since its founding?

Omaxe Ltd was founded over two decades ago as a construction contracting company. After gaining the requisite experience and delivering some outstanding quality structures, the company forayed into the real estate sector in 2001 with NRI City – a first-of-its-kind integrated township in Greater Noida. The project was received overwhelmingly well thereby propelling the group into a new league with more luxury and hi-end projects in Noida and Gurgaon. Later, the Group took its expertise to tier II and III cities with a long term vision to provide housing and modern lifestyle to the people of these cities, who till then believed in traditional mode of housing and had little exposure of community living and private group housing societies.

Over the years, Omaxe has carved a niche for itself in the real estate sector through a diverse range of projects catering to the affordable segment. Till date, the Group has delivered projects across 92 million sq ft (32 million sq. ft in construction contracting and 60 million sq ft in real estate), and is presently executing 42 real estate projects and has its footprints in 27 cities across 8 states. The company has made its mark with some landmark projects and engineering marvels. With a presence in states like Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan, Delhi and Himachal Pradesh, the company stands true to its motto – ‘Turning Dreams into Reality’.


Tell us about the company’s philosophy and growth strategies?

Omaxe takes great pride in being a part of the dreams of millions across the nation by transforming them into reality. Trust comes tagged with the name of Omaxe. Customer-centricity remains our guiding philosophy. We endeavour to strive hard to exceed the expectations of our customers. For us it’s not just about growing in scale or operations but moving ahead with trust and support from all our stakeholders. We have our eyes set on achieving this by creating value for stakeholders through professionalism, transparency, quality, cutting-edge technology and social responsibility.


Tell us about your areas of focus which is driving your business volumes?

We have a diversified portfolio of residential and commercial properties and operate in a wide product spectrum in each category. Our project line includes hi-tech and integrated townships, group-housing complexes, shopping malls, studio apartments, office spaces, hotels and shop cum offices (SCOs). Largely, we are into residential space, particularly the affordable housing segment which has been driving our business volumes. However, apart from group housing projects, we also develop individual housing plots, villas etc.


Briefly tell us about prestigious projects completed and ongoing?

In the last two decades, Omaxe has carved a niche for itself in the evolving real estate market with both luxury and affordable offerings. Some of our key delivered projects are the NRI City, Greater Noida; Omaxe Twin Towers, Noida; Grand Omaxe, Noida; The Forest, Noida; Omaxe Heights, Lucknow; Omaxe Residency, Lucknow; Omaxe Heights, Omaxe New Heights and Omaxe Hills in Faridabad. All these projects have reinforced the company’s dominance and earned for it a lot of goodwill and trust. To drive the next phase of growth, Omaxe is executing quality affordable homes and world-class themed shopping malls and offices in cities like Lucknow, New Chandigarh, Faridabad, Ludhiana, Vrindavan, Bahadurgarh, Indore, Greater Noida to name a few.

We are presently executing 42 real estate projects across different verticals – 18 integrated townships, 14 group housing and 10 shopping malls, office spaces and hotels in states like Haryana, Punjab, Uttar Pradesh, and Madhya Pradesh. Some of our several ongoing projects are the Omaxe Residency-II, Omaxe Waterscapes, The Palace, Grand Omaxe and Omaxe Hazratganj — all in Lucknow; Omaxe New Chandigarh in New Chandigarh; and Omaxe City Centre in Faridabad.


Give us an understanding about the company’s present financial status? What are the key income group targeted through your projects?

All our projects are either funded through bank loans or internal accruals. Our ability to maintain customer’s trust by offering world-class amenities helped us achieve a turnover of Rs.1017 crore as of December 31st 2014. The units sold during the period stood at 2.87 million sq ft of area aggregating up to Rs.1145 crore. We mainly target the affordable segment through our projects. Most of our projects fall in the Rs.25-50 lakh range. We have done extremely well to cater to the housing needs in tier-II and tier-III cities.


Tell us about the best construction practices, technology and special materials used in projects?

We employ the best construction practices by using state-of-the-art technology and latest innovation in construction designs. In addition, we also associate ourselves with some of the most renowned architects in the industry, both from India and abroad. The state-of-the-art complexes that throng NCR and several tier II and III cities are testaments of our capabilities and expertise. The market today recognises us as a responsible leader.


What is your company’s approach on environment and sustainability?

We ensure that our projects follow all government norms on construction. We take the utmost care to protect the environment and provide our customers with environmentally sustainable housing with clean and green environment. The company has also successfully blended business excellence with social commitments. Apart from environmentally sustainable and energy efficient projects, the company through Omaxe Foundation also takes up many CSR (corporate social responsibility) projects in the field of health, education, community development etc.


What is your outlook on the sector’s growth prospects and tell us about the company plan for future expansion?

The market sentiments for the realty sector have improved from the situation which existed a year ago. However, the buyers are yet to return to the realty market. Demand is low, especially in metro cities. We believe that high interest rates and uncertainty in respective households’ earning capability as the major causes behind this slow demand inflow.

The sector needs aggressive rate cuts from both the Reserve Bank of India and banks so that credit is cheaply available not just for builders to access and expand, but also for consumers to purchase houses. We have to incentivise and provide stimulus for generating demand. Keeping the sector in an abyss for far too long will only deprive the economy of real growth, employment and more importantly housing units. Our business policies are strategically planned as per market dynamics.

Our vision is to continue our journey as a trusted leader in the realty sector by contributing to building a progressive India.


Total turnover: Rs.1017 crore (As on 31st December, 2014)

Units sold: 2.87 mn sq. ft. of area (As on 31st December, 2014)

No of new projects being executed: 42

Projects Delivered: Projects across 92 million sq ft (32 million sq. ft in construction contracting and 60 million sq ft in real estate)

Geographical Reach: 27 cities across 8 states in India

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