Real estate major, Omaxe Group, has raised ₹440 crore from alternative investment firm, Värde Partners. The company will deploy the funds for expediting construction and delivery of its projects, and also for expansion purposes, it said in a statement issued on Tuesday.
Omaxe Group, which is developing integrated townships in New Chandigarh, Lucknow, Ludhiana, Indore and Faridabad, is also developing a multi-level parking-cum-commercial project in public-private partnership (PPP) model with North Delhi Municipal Corporation at Chandni Chowk in Delhi. The commercial project in Delhi is scheduled for delivery during this fiscal.
The group had till December 2021 delivered 127.89 million sq. ft. in real estate and construction contracting.
Over the last two fiscal years, Omaxe has repaid net ₹550 crore to lenders as principal payment and reduced its debt from ₹1,400 crore to ₹850 crore.
Omaxe has sold properties worth ₹1,155 crore in the first nine months of FY22.
Värde Partners, meanwhile, has originated over $5 billion in commercial real estate loans globally since 2017. The firm opened its Mumbai office in 2018 and has invested more than $2 billion in India.