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Omaxe Seeks Rs 400 Crore For Ambitious Parking-cum-Commercial Project

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Omaxe has already approached private equity firms for garnering capital for its upcoming project whose construction kick-started in July is estimated to be complete by December 2021

Realty developer Omaxe is in advanced talks with private equity firms to raise over Rs 400 crore for its commercial project spread over 4.5 acres in Delhi’s Chandni Chowk, two persons familiar with the development said.

Omaxe, in this public-private partnership (PPP) project with North MCD is developing a multi-level parking-cum-commercial centre at Gandhi maidan. The project is estimated to increase the parking capacity to over 2,400 car parks and 81 tourist buses.

Apart from the private equity induction, the company is expected to fund the project through internal accruals of Rs 250 crore and customer advances of up to Rs 400 crore.

Omaxe has already secured all the requisite permissions for the project, construction of which started in July and is expected to be completed by December 2021.

“The talks are at an advanced stage and the term sheet has already been signed with one of the entities. It is likely to be concluded any time soon,” said one of the persons mentioned above.

“This would be an interesting project to see a private equity induction as it is primarily a parking-led development.” The total development under this project is around 1 million sq. ft., of which around 2.5 lakh sq. ft. will be retail component, while 1.25 lakh sq. ft. will be dedicated to food and beverage.

Source: ET Realty

(Note: The story has been published without modifications to the text. Only the headline and intro have been changed.)

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