Omaxe plans 2 malls in Amritsar

Investment to be around Rs 250 cr

Omaxe Construction Ltd, in association with local groups, is coming up with two malls in Amritsar, one of which will house a hotel, with a total investment of around Rs 250 crore.

The company has tied up with Novelty for bringing up "Omaxe Novelty Mall" and a multi-level "Omaxe Terminal" is coming up as a joint venture with the local Heritage Group. Also, the company is investing Rs 1,300 crore in the Punjab region (this includes a housing project at Baddi) for constructing malls and housing projects.

The Omaxe Novelty Mall is coming up at the Lawrence Road-Mall Road crossing, while the multi-level Omaxe Terminal would be located on Airport Road.

Talking to Business Standard, Vice-President (Corporate Communications) Amitabh Bhattacharya said, "The Omaxe Terminal will be located near Amritsar International airport, which is a feeder for much of Punjab. Spread over 400,000 square feet, the mall will cater for international travellers and local people. There will be a hotel in the complex, besides a 3-screen multiplex, a spa, and multi-cuisine food courts."

Commenting on the Omaxe Novelty Mall he said, "Spread over 125,000 square feet, it will house a 3-screen multiplex, food courts ATM's and multi-cuisine restaurants."

Bhattacharya said prices would not escalate and the square footage would be entirely freehold, and timely possession was guaranteed through a penalty cause. He said work on these two malls was likely to be completed in 30 months. In the last financial year, the turnover of the company was Rs 800 crore and in this financial year, 2006-07, the company hopes to touch Rs 1,500 crore.