An actual view of India Trade Tower, Omaxe New Chandigarh
“Tier 2/3 cities are doing pretty well and that’s where the actual demand is. That’s where the ambition and aspiration are,” Mr. Mohit Goel, MD, Omaxe Ltd. had said this at a real estate conclave just before the onset of the COVID-19 pandemic and the ensuing lockdown in March 2020.
Tier 2/3 cities continue to do well, especially after the pandemic when infrastructure development has taken center stage, businesses and corporates have shown keen interest and consuming class has become more expressive and indulgent, shows how important these cities have emerged in writing the next chapter of India’s growth story.
The Delhi-headquartered company Omaxe forayed into State Capitals and tier 2/3 cities in 2005 under the leadership of its founder Mr. Rohtas Goel, Chairman, Omaxe Ltd. So far, the company has sold and delivered several townships, group housing, malls, offices, etc. in various cities of Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, etc. And in doing so, the company has not just contributed to the development of these cities but also in the employment & empowerment of the people and spurring the local economies.
The states of Uttar Pradesh, Punjab, and Haryana – holding 20% of India’s population and 10% of the total area – accounted for 56% of the total hiring in Omaxe in 2021 against the approx. 49% in 2020 and 30% in 2019.
“We have been successful in building a brand and thereby vindicating our foray into these cities. Trusting our approach of development in these cities has yielded the desired results. The local human resources, possessing deep insights and a fundamental understanding of the micro-markets, have been our greatest strength. We have doubled down on the hiring in these cities to strengthen our presence, ensure more construction & delivery and enhance our brand equity. Digitalization has become a great enabler to help us penetrate deeper into these cities,” said Mr. Jatin Goel, Director, Omaxe Ltd.
The company is committed to the development and expansion of its real estate projects in cities like Lucknow, New Chandigarh, Ludhiana, and Faridabad among others. The development of Expressways & Highways, Airports, Metro Rail, Outer Ring Roads, Industrial Parks, Corporate Offices, Malls, and Residential Colonies, etc. have made connectivity convenient and living and working easy in these cities.
“These cities are a goldmine not just in real estate and other businesses but also in the return on investment they offer, aspirations for a good lifestyle, and consumer income and spending. We intend to tap the young manpower and harness their potential through on-the-job training programmes and skill up-gradation so that they deliver the goods for the company,” Mr. Jatin Goel added.
Omaxe has also played a key role in spurring the local allied industries. The company has delivered close to 127 million sq. ft. since the brand was founded in 1987 and is currently undertaking the construction of 23 projects and employs close to 1200 people.