Realty developer Omaxe has reportedly cracked a deal for generating funds for its commercial project spread over 4.5 acres in Delhi's Chandni Chowk area, said official sources, adding that Omaxe is building the project on public-private partnership (PPP) model with North MCD housing a commercial space with multi-level parking facilities at Gandhi Maidan. Apart from the private equity induction, the company is expected to fund the project through internal accruals of ₹250 crore and customer advances of up to ₹400 crore. Omaxe has already secured all the requisite permissions for the project, construction of which has already started and is expected to be completed by December 2021. The terms sheet has been signed with one of the entities and the deal is set to be sealed shortly. The total development under this project is around 1 million sq ft, of which around 2.5 lakh sq ft will be retail component, while 1.25 lakh sq ft will be dedicated to the F&B segment.
📅Published on:
18 October 2019
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