Omaxe repays Rs 80 cr loans to SWAMIH fund

Real estate firm Omaxe Group has repaid Rs 80 crore loans, including interest amount, from government-backed stress fund SWAMIH.In a statement on Tuesday, Omaxe said it had fully repaid loans from the SWAMIH fund in two projects in New Chandigarh and Prayagraj.

The SWAMIH (Special Window for Affordable and Mid-Income Housing) fund had sanctioned Rs 168.80 crore for the development of ‘The Lake’ project in New Chandigarh and Rs 60.40 crore for ‘Omaxe Shiva, Shiva 2 and Shiva 3’ project in Prayagraj.Against the total amount sanctioned, Omaxe Group said it raised only Rs 70 crore. The company repaid around Rs 80 crore, including interest.

Omaxe is developing a 1,402-unit group housing project in New Chandigarh.

304 independent storey units are being built in Prayagraj.

“Our partnership with the SWAMIH Fund has been instrumental in bringing these projects to completion. The full repayment of the facility – entirely through internal cash flows – reaffirms Omaxe’s commitment to financial discipline, on-time delivery and responsible development,” said Mohit Goel, Managing Director at Omaxe Ltd.

Omaxe is one of the country’s leading real estate developers. The company has completed approximately 140.17 million square feet in 31 cities across eight states: Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, Rajasthan, Delhi, Uttarakhand and Himachal Pradesh.