Omaxe Completes Key Projects, Repays ₹229 Crore SWAMIH Facility
Filing Summary
Omaxe Ltd has announced the substantial completion of major construction projects in Chandigarh and Prayagraj, alongside the full repayment of the SWAMIH-funded facilities. The projects include The Lake, New Chandigarh, and Omaxe Shiva developments in Prayagraj. The SWAMIH facility, totaling ₹229 crore, was fully repaid using internal cash flows. The Lake project covers a saleable area of 28,00,205 sq. ft., while the Prayagraj projects span 5,60,680 sq. ft. This development underscores Omaxe’s commitment to financial discipline and efficient capital deployment.
Omaxe Ltd has announced the substantial completion of its construction projects in Chandigarh and Prayagraj. The company has also fully repaid the SWAMIH-funded facilities associated with these projects. The developments include The Lake in New Chandigarh and Omaxe Shiva, Shiva 2, and Shiva 3 in Prayagraj. The repayment was made entirely from internal cash flows, highlighting the company’s financial management and operational capabilities.
The SWAMIH facility provided financial support for these projects, with a total sanctioned amount of ₹229 crore. Specifically, ₹168 crore was allocated for The Lake, New Chandigarh, and ₹60 crore for the Prayagraj developments. Omaxe utilized only a portion of the sanctioned funds, demonstrating efficient capital deployment. The full repayment of the utilized amount underscores the company’s strong internal cash flow generation and disciplined financial practices.
The Lake, New Chandigarh is a premium group housing project with a saleable area of 28,00,205 sq. ft., comprising 1,402 units. In Prayagraj, the Omaxe Shiva projects collectively offer independent floors with a saleable area of 5,60,680 sq. ft., comprising 304 units. Both projects received last-mile credit facilities from the Special Window for Affordable and Mid-Income Housing (SWAMIH), facilitating their completion. The successful execution of these projects reflects Omaxe’s construction capability and operational strength.
The SWAMIH Investment Fund played a crucial role in accelerating the last-mile construction of these projects. Omaxe expressed appreciation for the partnership and support provided by the SWAMIH Fund, which ensured timely progress for homebuyers. The association with the SWAMIH Fund has been instrumental in advancing these projects to completion, reaffirming Omaxe’s commitment to responsible development and financial discipline.
The construction of these projects is now substantially complete, marking a significant milestone for Omaxe. The company remains focused on delivering high-quality residential environments backed by strong financial governance and transparent execution. Omaxe’s ability to fully repay the SWAMIH facility from internal cash flows reflects its strong liquidity and prudent financial planning.
Omaxe Ltd, founded in 1987, is a prominent real estate developer in India. The company has delivered approximately 140 million sq. ft. of real estate across 31 cities in 8 states. Omaxe’s portfolio includes residential, commercial, and integrated township projects. With a robust land bank and innovative designs, Omaxe continues to set benchmarks in the real estate industry, focusing on creating vibrant communities and shaping the future of urban India.