Property developer Omaxe said on April 26 that it had raised Rs 4.4 crore from global alternative investment firm Värde Partners. The company said it would deploy the funds to accelerate the construction and delivery of its projects and expansion.

Omaxe Group is developing integrated townships in New Chandigarh, Lucknow, Ludhiana, Indore, and Faridabad. It is also working with the North Delhi Municipal Corporation in Chandni Chowk, Delhi, to develop a multi-storey car park-cum-commercial project on a PPP model, which is scheduled to be delivered this fiscal year.

As of December 2021, the Group has delivered approximately 127.89 million square feet of real estate and construction contracts.
“Over the past three decades, Omaxe has built a reputation among home buyers, investors, and financial institutions for its solid fundamentals and financial discipline, quality construction, consistent delivery, and healthy investment returns.

“We will double down on investing in the cities that drive our growth to develop new age and world-class residential, commercial and retail destinations. Rather than just doing this deal with Värde, we want to build a long-term partnership between projects,” Atul Banshal, Chief Financial Officer, Omaxe Ltd.

Over the past two financial years, Omaxe has repaid Rs 550 crore to lenders as principal and reduced its debt from Rs 14 billion to Rs 850 crore. In the first nine months of the 2021-22 financial year, Omaxe has sold properties worth Rs 1,155 crore.

“We are delighted to have the opportunity to enter into this partnership with Omaxe and help support the development and growth of the company’s extensive real estate portfolio,” said Tim Mooney, Partner and Global Head of Real Estate at Värde Partners.

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“This transaction reflects our continued belief in significant, scalable opportunities in the Indian real estate market and our continued commitment to investing in India,” he said. Värde Partners has 28 years of real estate and credit market investment experience, distributing more than $5 billion in commercial real estate loans globally since 2017. The company opened a Mumbai office in 2018 and has invested more than $2 billion in India. Omaxe delivered 127.89 million square feet in real estate and construction contracting (as of December 2021).