Omaxe ties up with Jindal Steel for parking project in Old Delhi

Omaxe Limited has entered into an agreement with Jindal Steel and Power Limited (JSPL) for a project undertaken by the company for developing a multi-level parking-cum-commercial project at Chandni Chowk (Old Delhi) under PPP model with North Delhi Municipal Corporation (NDMC).

JSPL’s contribution in this project will be to erect the building with modular steel structure in the knock-down form at the site within 10 months from the starting date. JSPL will be supplying 7,000-8,000 metric tonne of structured steel to Omaxe.

This agreement was made with an intention to cover up the lost time. Due to Supreme Court's ban on its construction because of pollution as well as COVID-19 lockdown, Omaxe lost almost six months on this prestigious project. However, through the advanced steel structure technology from JSPL, 40 per cent of the time will be saved and the project would be successfully delivered by July 2022.

NDMC has allotted approximately 4.5 acres of land to Omaxe for providing parking space for 2100+ cars. Omaxe is developing a 10 lakh sq. ft project with five levels of parking and three levels of retail space.

There is a dire need for a parking space in Chandni Chowk for the shop owners as several customers flock this market daily and it has been a long pending demand of local trade bodies.

This project is being developed by Omaxe Heritage Pvt Ltd, which is a hundred per cent subsidiary of Omaxe Limited. Omaxe is India’s one of the leading real estate companies having a presence in 27 cities, across eight states namely, Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan, Delhi and Himachal Pradesh.

On Tuesday, during the early morning session, the stock of Omaxe Ltd surged 3.8 per cent to Rs 73.80 from its previous close of Rs 71.10 on BSE. The stock of JSPL too was up by 1.5 per cent at Rs 180.10.