Omaxe reports Rs 184 crore consolidated income from operations in Q2 FY22

The company has sold 0.58 mn sq. ft valued at Rs259.25 crore in Q2 2021-22 and the major contributors were New Chandigarh, Lucknow and Delhi.

The economy, after a weak first quarter, is moving on an upward trajectory and this is quite an encouraging sign for businesses. The real estate sector has bounced back strongly in the post-COVID era,” said Mohit Goel, Managing Director, Omaxe Limited.

“Market sentiments have shown greater desire on the part of homebuyers to own a home. Retail spaces are seeing an increase in footfall even as mall leasing is on the rise. Our Q2 results reflect the company’s sustained momentum over the past several years in both residential and commercial spaces in the cities where we are executing projects. All-time low-interest rates, government incentives coupled with other favorable factors have been instrumental in driving demand,” he added.

The company had sold 2.73 million sq. ft. valued at Rs 2051 cr. in FY 2020-21

“Considering the steady performance of the sector, we expect the remaining six months in this fiscal year to be fruitful. The pandemic has induced changes in the home buyers’ behavior and preferences and we have been agile enough to adapt with those changes. Tier 2&3 cities are emerging as big markets for real estate. We will continue with our expansion spree in North India and are confident of strong performance from cities like Lucknow, New Chandigarh, Ludhiana, Faridabad, Delhi,” said Mohit Goel, Managing Director, Omaxe Limited.