Construction firm Omaxe said its subsidiary, Pancham Realcom, has entered into an agreement with Allahabad Development Authority to build a township in Allahabad.
Pancham Realcon, has entered into an memorandum of understanding for the development of a township in Allahabad on a proposed area of 1,535.12 acres, Omaxe said in a filing to the Bombay Stock Exchange.
The estimated cost of the township is Rs 1,800 crore and the construction will be completed in five to seven years, the filing added.
Shares of Omaxe were trading at Rs 74.70 on the BSE, down 6.21 per cent from the previous close.