Omaxe Group: ‘Nurturing, Growing & Adding Newer Facilities Each Day Remains Our Endeavor’

Mohit Goel
Omaxe is known for quality homes and architectural brilliance. With footprints across 30 cities in 9 states, today, it has in its repertoire a wide range of projects that caters to all income segments. "From developing homes, to office spaces, Hi-tech townships, entertainment zones, hotels and world-class malls, our every project is conceived with a thought that encompasses safety, quality and superiority. Through seamless integration of latest technology and innovation in construction, our every project has uniqueness attached to it. In the last few years, post making a strategic move to diversify into Tier II and III cities, we have not looked at entering new markets but instead focused on expansion at its existing project locations. Nurturing, growing and adding newer facilities each day remains our endeavor," says Mr. Mohit Goel, CEO, Omaxe Ltd in an interview with Maria R.

What are the milestone developments in the transition of Omaxe Ltd from Omaxe Builders, reaching its present position to be the front line player in the real estate and construction space and building world-class residential and commercial projects?

Omaxe Builders was incorporated in 1989, although the as brand Omaxe came into existence 2 years earlier. Construction contracting was what the group started off with and created some of the most astounding properties in this segment. Carrying forward its expertise and competence, the group made inroads into real estate in 2001. In 2007, the group got listed on BSE and NSE and has been consistently creating value for its shareholders.

In the first half of last decade, the group conceived the first integrated township in Greater Noida "NRI City". Even as the concept of integrated township was new to the city, the overwhelming response to the project propelled the group's recognition and credibility across the buyer and investor communities. It was then that the company undertook a luxury project "The Forest" in Noida. Along with Omaxe Residency, Noida and The Nile, Guragon heralded a new era in real estate in NCR.

In the latter half of last decade, the group made a strategic foray into tier II and III cities such as Vrindavan, Bahadurgarh, Lucknow, New Chandigarh, Rohtak, Palwal, Faridabad, Ludhiana and so on, and has consistently launched and delivered homes that are synonymous with quality and modernity. While continuing to launch and deliver projects in NCR market like Grand Omaxe, Noida; Twin Towers, Noida; Omaxe Palm Greens, Greater Noida and a slew of commercial projects like India Trade Centre and Omaxe Connaught Place in Greater Noida, Omaxe today has in its repertoire a wide range of projects that caters to all income segments. The company has also been developing Hi-tech townships, entertainment zones, hotels and world-class malls across its various projects.

Omaxe Heights Lucknow

What are Omaxe's important business areas, and subsidiaries serving these areas? Please touch upon briefly their functional areas in infrastructure ambit.

Omaxe specializes and concentrates all its energy and resources towards building and delivering quality real estate projects. With footprints across 30 Cities in 9 States, the group has already delivered approx. 90 million sqft. in both construction contracting (31.8 million sqft.) and real estate (58.3 million sqft.). The company has been developing largescale hi-tech townships one thousands of acres, integrated townships one hundreds of acres, residential projects, commercial malls, office spaces, hotels, entertainment zones and so on.

As a civil construction and contracting company Omaxe has successfully executed a number of projects in the country. Can these be quantified in numbers for the information of industry? What are Omaxe Ltd's important projects in hand?

The company has successfully executed over 120 construction contracting projects since 1987.

Presently, the company is focused only on real estate after having made a strategic exit from this vertical in FY2013. The important construction contracting projects delivered earlier include Modern Jails at Kapurthala and Faridkot, Residential Township for Hindustan Zinc at Dariba, Amity Noida Campus, Apollo Hospital, Ludhiana, Delhi High Court etc.

Omaxe Ltd was the first construction company in north India to receive an ISO 9001: 2000 certification. What are the various systems placed in the company integrating technological and design innovation, assuring timely completion thus giving its clients value for money?

Omaxe is known for quality homes and architectural brilliance. Every project is conceived with a thought that encompasses safety, quality and superiority. Through seamless integration of latest technology and innovation in construction, every project has a uniqueness attached to it. Through a committed workforce and in-house construction, the company is able to provide to its patrons value for money products and ensure delivery. The landscaping, facilities, clubs etc add value to the offerings.

What is your view on low cost housing?

Low cost housing is an unviable proposition. Delay in project approvals, difficult financing environment; rising interest rates and increasing cost of raw material including land and labour have made such project unsustainable. However, a policy focused in this direction, by way of either PPP or tax breaks, and cheap credit may see more developers entering into this segment. The buyers, too, find it difficult to source loan from banks and finance companies. Looking at the rising shortage of homes, a thrust from the Government in this direction is the need of the hour.

Currently the real estate sector is recording a brisk business in tier II and tier III cities. Omaxe too is aggressively pursuing its projects in these cities. What are plans at hand to extend and further promote your business in these cities?

Omaxe Twin Towers
Omaxe has today created a niche market for itself in Tier II & Tier III cities.

Omaxe is present in 30 cities across 9 states. In the last few years, post making a strategic move to diversify into Tier II and III cities, the company has not looked at entering new markets but instead focused on expansion at its existing project locations. Nurturing, growing and adding newer facilities each day remains its endeavour. And as a result of this strategy, the company, in its city of presence, is today known for its modern homes at an affordable cost and providing facilities that metro cities have – from sufficient open and green spaces to clubhouses, parks, designated play area, sports facilities to name a few.

Omaxe's unique marketing strategies, varied options of residential offerings coupled with affordability and strategic locations have enabled the company gain ground in these cities.

Today, in cities like Bahadurgarh, Rohtak, Sonepat, Vrindavan, Lucknow, Allahabad, Faridabad, Palwal, Ludhiana, New Chandigarh, Patiala, Bathinda etc. Omaxe has created a name and has aggressive plans going forward. Expansion of existing projects, adding new lifestyle facilities is an endeavour the company is working towards tirelessly.

The spiraling input cost is currently causing concern. Added to it is the shortage of construction labor contributing to cost spiral. How is this going to impact the real estate business and what is the way out to contain costs?

The infrastructure and real estate sector has perennially struggled with rising cost of land, labour and input thereby slowing growth in this segment and decelerating overall GDP growth. However, with a stable government in place and the policy fastracking that the industry expects in the coming months, the scenario is likely to improve.

Companies have been adopting new technologies like pre-fabrication etc to contain such rise in cost and save on the time.

How would you rate your current business growth and its projection in the next 2—3 years after the formation of stable government?

The company has clocked sales bookings of Rs.2107 cr. in FY14 and it's expected to increase by 20% in FY15. In terms of area, we expect to sell 8-9 million sqft.
NBM&CW - July 2014
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