Omaxe Receives Rs 907 Mn Order For Building Township

October 5, 2008	(Be the first to rate this story!)  Loading ...
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Real estate developer Omaxe Ltd has bagged an order worth Rs 907.1 million rupees to build a township for Hindustan Zinc Ltd in Udaipur. Projects such as these are implemented going by the letter and spirit of the National Housing and Habitat Policy of 1998. That policy had envisaged the role of the Government as that of a facilitator and enabler, engaged in providing a level playing field to all market players through various fiscal, legislative and infrastructure incentives.

However, as the housing shortage in the country reached an alarming level over the years and the market dynamics resulted in exclusion of a majority of the population from satisfactory housing especially in the economically and socially deprived segment, the Government of India had to assume a more proactive role. The government acts through many of its agencies. For instance, Hindustan Zinc is a public sector undertaking and its order to Omaxe is an example of a democratic and free market economy operating in India. The Government has to intervene effectively in matters of policy and policing to ensure large scale availability of housing covering a wide range of people across the country.

Omaxe in a short span of five years has completed and delivered 11 projects consisting of eight residential, one integrated township and two commercial covering approx 5.59 million sq. ft of area. The company currently has 54 projects under development. These include 23 group housing projects, 16 integrated townships, 14 shopping malls and commercial complexes and one hotel. The company is at present developing over 156 million sq ft of area across 31 towns in 10 states in northern, central India and southern India.

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