Shares of Omaxe Ltd, a real estate developer, surged as much as 13.4 percent to Rs 108 in the afternoon on June 16 after the company announced it had acquired 260 acres of land in Amritsar, and in the first phase, it is developing 127 acres with an investment of over Rs 1,000 crore.
"The township is just 12 minutes from the Golden Temple and will soon include a hotel to further enhance its appeal. In the future, we also see the opportunity to expand this township through new land acquisitions," the company said in a regulatory filing on June 16.
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The project has already secured RERA registration and necessary approvals. In the first phase, Omaxe is offering residential plots of 300, 500, and 1000 sq. yards. These will be part of a larger master plan that also includes commercial spaces, a school, a clubhouse, and community infrastructure.
"The project will be developed in phases, with the first phase expected to be completed in
approximately four years. The initial investment is being funded through internal accruals. With
strong market feedback and sanction received from financial institutions, the project has achieved its financial closure," the filing added.
The New Amritsar township benefits from a region undergoing infrastructure transformation. The upcoming 99 km Nakodar-Amritsar branch of the Delhi-Amritsar-Katra Expressway, which passes directly by New Amritsar, will reduce travel times to Delhi and Jammu by 2026, the company added.
The company already has a presence in six cities across Punjab, namely New Chandigarh, Ludhiana, Patiala, Derabassi, Amritsar, and Bathinda.
At about 12:50 pm, shares of the company were trading at Rs 106.5, higher by 12 percent from the last close. Omaxe shares have risen a massive 44 percent in the last three months.
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