Saturday, 19 July 2014

Omaxe And The Art Of Delivering Affordable Homes

Omaxe has today created a niche market for itself. Its presence in Tier II & Tier III cities; markets where leading/national developers were skeptical about venturing into because of a host of factors, has seen Omaxe grow into a big name in these cities – having built a reputation, provided quality construction and services and delivered modern homes and lifestyle in these cities.

The recent RBI’s move to make city-wise classification of affordable housing and periodically review its definition is a significant step forward in boosting the real estate sector. The increase in cap of affordable housing eligible for loan under priority sector was imperative considering the rising prices of homes in the last few years. Homebuyers can now avail loans easily and at a lower interest rate. As a result of this, a rise in demand of affordable housing is imminent thereby leading to more developers focusing on affordable housing segment and creating varied choice and ample supply in this segment. In the next 9-12 months, inflation is expected to be reigned in and interest rates are also expected southbound should benefit a lot of homebuyers and reduce their EMI burden.

The RBI’s move coupled with the Government's various tax benefits in Budget will spur demand in real estate and as a result help realize Government’s vision of housing for all by 2022.

Omaxe has been operating at these price points in 30 cities and with RBI's impetus, we plan for an aggressive expansion of existing projects. Our offerings in these cities vary from townships, residential complexes and commercial. With plots, floors, villas, group housing etc to choose from in residential segment, Omaxe's first mover advantage into tier II and III cities almost a decade ago will further get a stamp of enhanced desirability in these cities.

In the last few years, post making a strategic move to diversify into Tier II and III cities, the company has not looked at entering new markets but instead focused on expansion at its existing project locations. Nurturing, growing and adding newer facilities each day remains its endeavour. And as a result of this strategy, the company, in its city of presence, is today known for its modern homes at a affordable cost and providing facilities that metro cities have – from sufficient open and green spaces to clubhouses, parks, designated play area, sports facilities to name a few.

Taking a cue from Omaxe, national developers took baby steps and ventured into cities like Lucknow, Indore and Chandigarh. However, areas that still have a lot of potential are alternative cities like Bahadurgarh, Rohtak, Sonepat, Palwal, Vrindavan etc which are still untapped and Omaxe’s first mover advantage has given it an edge over other developers. There is something very unique about these markets – tough to decipher for companies that doesn’t have a connect with the ground reality and pulse of the consumer. Omaxe’s unique marketing strategies, varied options of residential offerings coupled with affordability and strategic locations have enabled the company gain ground in these cities.

2007-08 was a crucial year for Indian economy and real estate companies in particular. While Metro cities were beginning to show signs of pricing bubble-burst coupled with oversupply, Omaxe’s foresightedness led it to venture aggressively into Tier II and III cities, the results are visible for all to see – leader in its class, low debt levels, excellent project delivery record, inhabited residential complexes and townships, world-class homes, modern lifestyle with matching facilities etc.

Today, in cities like Bahadurgarh, Rohtak, Sonepat, Vrindavan, Lucknow, Allahabad, Faridabad, Palwal, Ludhiana, New Chandigarh, Patiala, Bathinda etc. Omaxe has created a name and has aggressive plans going forward. Expansion of existing projects, adding new lifestyle facilities is an endeavour the company is working towards tirelessly.

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