Omaxe Limited has leased a cumulative area of 10.53 lakh sq. ft. across its commercial properties in Greater Noida, Faridabad, New Chandigarh, Lucknow, and Amritsar so far in the fiscal year 2021-22.
In Greater Noida, the company has leased 6.77 lakh sq. ft., 2.95 lakh sq. ft. in Lucknow, 58,222 sq. ft. in Faridabad, and 20,000 sq. ft. in Amritsar, the company said.
The leased area will comprise brands in various categories like retail, hospitality, F&B, entertainment and gaming, services among others, the company said.
“With the rapid pace of vaccination and unlocking of the economy, a pent-up demand, bigger than last year, is being witnessed. Mall occupancy has gone up across cities and retail sales have touched 90% of the pre-pandemic levels owing to increased consumer spending. The festive season is expected to skyrocket retail sales further,” said Jatin Goel, director, Omaxe Ltd.
Currently, Omaxe has 16 operational commercial properties comprising malls, offices, serviced/studio apartments, and high streets across 10 cities and four states.
“We are hopeful that the retailers in our malls and high street will be able to cash in on the festive season rush and we are making every effort to bring footfall through events, brand mix, and state-of-the-art amenities,” Goel said.
The increased economic activity, reverse migration, and infrastructure development in tier 2/3 cities have brought corporates, businesses, and retailers into these cities. As a result, retailers have thronged into these cities and corporates have been looking at spaces to operate small-to-mid-sized offices.
Currently, the company is undertaking the construction of five commercial projects in New Chandigarh, Delhi, Lucknow, Ludhiana, and Faridabad.
The leasing of the company's upscale project Omaxe Chowk in Delhi’s Chandni Chowk is expected to begin soon.
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