Omaxe to foray into Mauritius property market

New Delhi, June 29 (PTI) After foraying into Dubai, real
estate player Omaxe is all set to enter the Mauritian property
market with a plan to develop a 50-acre residential project.
The Delhi-based company has identified a project of 50
acres and planning to develop a residential township there,
sources told PTI.
The land for the township is likely to be provided by the
government and the company is expecting to receive the
ownership of the land within a week, they added.
Unlike Dubai, where the company's subsidiary would
develop the projects with local partners, Omaxe would carry
out the Mauritian project alone without any help from local
firms.
Earlier, the realty major had announced to set up a
wholly-owned subsidiary Rohtas Holdings (Gulf) which would
develop two projects worth Rs 2,850 crore in Dubai.
The company would develop a residential project worth Rs
1,350 crore through special purpose vehicle Golden Crescent
RED and General Trading Ltd. Another project worth Rs 1,500
crore would be developed through SPV Marine Sands.
Last month, Omaxe said that it would develop 10 lakh
affordable housing units with an investment of Rs 80,000 crore
in India over the next five years. For this purpose, it has
set up a new subsidiary named National Affordable Housing and
Infrastructure Ltd.
Omaxe has a land bank of about 3,600 acres with major
presence in North India. It had launched its initial public
offer last year to raise over Rs 600 crore.