Indian real estate developer Omaxe has announced that it will invest Rs 500 crore in Ludhiana to launch the Omaxe Chowk project.
Omaxe: Ludhiana project details
As per the company’s official statement, the Omaxe Chowk project will be located in the city’s Ghumar Mandi area. Omaxe further added that it secured the land parcel from the Rail Land Development Authority (RLDA) through a competitive bidding process.
The project is spread across 5.25 acres of land, with the total investment worth Rs 500 crore, it added. As a public-private partnership project, Omaxe Chowk is being developed under an agreement between RLDA and Ludhiana Wholesale Market Private, a wholly owned subsidiary of Omaxe.
As per the Real Estate Regulatory Authority (RERA) timelines, the project is scheduled to be completed by June 2030, the company added.
Omaxe: Scope of Ludhiana project
The real estate developer said that its Omaxe Chowk project is aimed at redefining organised retail and luxury residences in the city of Ludhiana. Further, it added that the project is being executed as an integrated urban destination, combining commercial and luxury residential components within a single development.
“The development has been planned to offer a more structured, comfortable, and engaging alternative to traditional market areas, while remaining closely aligned with Ludhiana’s established commercial culture,” Omaxe said in its official statement.
As the development will comprise a large mix of brands, retail shops, wedding jewellery shops, and many other outlets, the company said that the project is expected to generate significant local employment.
It added that employment generation is expected during the construction phase of the project. Additionally, Omaxe said that long-term job opportunities are further expected across retail, food and beverage, security, maintenance, and facility management. It added that this development is expected to increase overall business and further contribute to the city’s economic growth.
“Omaxe Chowk is planned to host a large mix of brands and will include a dedicated flagship food and experience zone, Dawatpur, while positioning organised shopping as a core attraction alongside dining and entertainment,” the company said. It added that details on brand participation will be announced closer to the time of the project launch.
Omaxe: Share price
Following the announcement, the company’s share prices rose over 14% in the intraday session. Over the past one month, the company’s stock has delivered a return of 25%. However, over the past one year, the company’s stock has declined by over 4%.