New Delhi-based real estate developer Omaxe Ltd has in the first six months of this fiscal collected Rs 500 crores as sale proceeds from its real estate launches in the NCR and Lucknow which has helped the developer to cut debt amounting to Rs 210 crores. Omaxe is now looking forward to launch new projects in Lucknow and Chandigarh. At the moment the developer is developing nine properties in the NCR region and Lucknow. These properties are in various stages of completion and Omaxe is expecting sale proceeds worth Rs 3000 crores from the sale of these properties.
A company spokesperson said that the company has received Rs 500 crores as sale proceeds from these projects in the half year ended September which will be accounted in revenues based on completion percentage. The source further added that the in NCR projects are on the verge of completion and the company hopes to deliver by middle of 2011.
The spokesperson said that the sales realizations have improved the cash-flow position of the company which in turn has helped to reduce the debt margin. At present Omaxe has a debt liability of Rs1640 crores and it has to pay Rs 350 crores in the next six months as scheduled debt repayment. The company is also developing some premium projects and one such project is the Forest Spa in the NCR which is being built at a cost of Rs 2000 per square feet and the average realization will come to around Rs 6000.
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A company spokesperson said that the company has received Rs 500 crores as sale proceeds from these projects in the half year ended September which will be accounted in revenues based on completion percentage. The source further added that the in NCR projects are on the verge of completion and the company hopes to deliver by middle of 2011.
The spokesperson said that the sales realizations have improved the cash-flow position of the company which in turn has helped to reduce the debt margin. At present Omaxe has a debt liability of Rs1640 crores and it has to pay Rs 350 crores in the next six months as scheduled debt repayment. The company is also developing some premium projects and one such project is the Forest Spa in the NCR which is being built at a cost of Rs 2000 per square feet and the average realization will come to around Rs 6000.
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