Omaxe: Omaxe to invest Rs 400 cr to develop 2 commercial projects in Faridabad

Real estate company Omaxe will invest Rs 400 crore to develop two new commercial projects in Faridabad, Haryana, to expand its business. The two new projects will be part of its 120-acre mixed-use development named 'World Street by Omaxe'. The first commercial project New Singapore is spread over 11.6 acre, comprising 15 lakh square feet of area largely retail spaces, while the other project Clarkee, covering nearly 2 acre, will be developed as party and nightlife destination. The projects are expected to be completed by 2029. The total estimated cost to build these two projects is over Rs 400 crore, Omaxe said, adding that this will be funded through internal accruals. The company has launched around 700 units so far. The rates in these two projects range between Rs 4,000 per square feet to Rs 10,000 per square feet. Designed as Faridabad's ultimate nightlife destination, Clarkee will host 15+ nightclubs, bars, and restaurants. Omaxe Group Managing Director Mohit Goel said, "T