Omaxe mulls specialty malls in Gujarat

Delhi-based real estate development and construction company, Omaxe Ltd, is planning to set up specialty malls like 'wedding-mall' and 'house-to-home-mall' in Gujarat.

Speaking to Business Standard, chairman and managing director Rohtas Goel said, "Gujarat is an ideal market for specialty malls since no other real estate company has tapped the market and the state has a rich culture and tradition. Also with the real estate boom, a specialty mall where everything, which is needed to make a house into a home, is available under one roof."

Explaining the concept of specialty malls further, Goel said malls such as 'wedding malls' were meant to be 'one-stop shops' for all wedding-related arrangements and would include shops and outlets selling wedding wear, jewellery, floral decorations, etc.

Similarly, 'house-to-home' malls would include shops selling interior design-ware, furniture and other residential accessories to set-up and furnish a home.

Refusing to divulge any further information owing to Sebi guidelines, Goel said Omaxe was yet to begin scouting for land in the state.

Recently, Omaxe entered into a joint venture with Azorim International Holdings Limited, which is part of an Israeli real estate development group, for construction and development of 'Omaxe Forest', its ultra-luxury group housing project at Faridabad.

On special economic zones (SEZs), Goel said, "We have our presence in almost all segments like group housing, integrated housing, retail & commercial projects, IT parks & biotech parks, SEZs and hotels. Recently, we signed an MoU to set up a multi-product special economic zone in Rajasthan. But it is not possible for now to say whether such a project can be initiated in Gujarat or not. Once the IPO is out, we will think about initiating talks for our specialty malls. We are already developing such malls in Gurgaon, Agra and Patiala."

According to Goel, Omaxe is also one of the first real estate companies to have established a dedicated 24/7 helpline for its customers called Omaxe Care.

Established in 1989 as a construction and contracting company, Omaxe Ltd diversified into the real estate development business in 2001 with its initial focus on National Capital Region, Gurgaon, Noida and other northern regions.

However, now the company operates in 30 cities and nine states in the country and plans to go pan-India. While earlier the company used to commercialise its construction business, it now aims to use it exclusively for its own real estate development projects.