The company’s wholly owned unit, Omaxe Infrastructure and Construction Ltd, has received the contract for the construction of a housing complex for the Air Force Naval Housing Board , Omaxe said in a statement to the exchange.

“Now, I can’t do a QIP (qualified institutional placement) due to the changes in SEBI guidelines. The guideline is that a company with a free float of less than 25 percent cannot go in for a QIP,” its President, Corporate Finance, Hemant Kumar told Reuters in an interview.

As on date, promoters hold 89 percent and the balance is free float.

In Nov, the company’s Chairman and Managing Director Rohtas Goel had told Reuters that it was planning to raise about 4 billion rupees through a QIP, expected by January.

Omaxe Ltd, the New Delhi-based real estate developer, has raked in `500 crore from sales in the National Capital Region (NCR) and Lucknow in the first six months of this fiscal. The realisations have helped it to cut debt ofRs210 crore. The developer is now planning new launches in Lucknow and Chandigarh. In the NCR region and Lucknow, Omaxe is currently developing nine properties which are at various stages and is eyeing sales worth Rs3,000 crore from these. “In the half year ended September, around Rs500 crore worth sales have come from these projects but it will be accounted in revenue based on percentage completion. The projects in NCR are in advance stage of completion and delivery is expected by middle of 2011,” said a company spokesperson.

“Most of the sales from these projects have already been achieved in previous years as many of these were launched in 2008. We have estimated sales of Rs3,000 crore from the nine projects. The actual sales are in line with our expectations. In Lucknow we have already delivered two projects in the past and the latest one launched during May 2010 would be completed by middle of 2014,” said the Omaxe representative.

The realisations have helped debt abatement and the company is looking at project-level private equity deals. “Realisations have definitely improved cash-flow position and we have repaid close to Rs210 crore of debt during the six months ended September. Negotiations are on for private equity at a few of our township projects but it typically takes six to eight months before such transactions materialise,” said the spokesperson. The company has a debt liability of Rs1,640 crore and the scheduled repayment in the next six months is Rs350 crore. Among the premium projects in the NCR is Forest Spa project, built at a cost of Rs2,000 persquare feet, having an average realisation of around Rs6,000.

Real estate developer Omaxe is planning to raise about Rs 400 crore through a stake sale to institutions, which is expected to be launched by January, a top company official said on Wednesday. “It’s (the proceeds) not much required for corporate purposes. Yes, it’s definitely required for retiring our debt,” Chairman and Managing Director Rohtas Goel told Reuters in an interview. The New Delhi-based company has not yet mandated bankers for the placement, while a final decision on the date and amount would depend on market conditions.

Omaxe expects to reduce its net debt to Rs 1200 crore by the year-end from Rs 1600 crore as of now. The company would also utilise cash flows from operations to reduce the debt, Goel added. Omaxe has emerged the lowest bidder for projects worth Rs 250 crore, and expects these to be awarded in a month. Goel, however, did not divulge the specifics of the projects. The company’s infrastructure orderbook was at Rs 1250 crore as on Sept 30. Goel expects this to rise to Rs 1700 crore by FY11-end.

“This would be fairly from government projects, from Punjab, Haryana, Uttar Pradesh and a couple of defence projects. These would be basically to construct buildings and these would be purely EPC contracts (engineering, procurement and construction) and not BOT (build, operate and transfer)…,” he said. The company has posted a 63% rise in consolidated net profit for July-Sept to Rs 36.75 crore on a net sales of Rs 354.4 crore.

In July-Sept, the company made fresh sales of 2.39 million square feet, worth Rs 550 crore and land acquisitions worth Rs 70 crore, Goel said. It launched six new projects in the quarter with about 15 million sqaure feet saleable area, he said. The company’s shares on Wednesday closed up 1.79% at Rs 150.95 in a weak Mumbai market.

Realty firm Omaxe has bagged Rs 70.4 crore infrastructure project from Greater Mohali Area Development Authority (GMADA) for highway and bridge construction.
Omaxe Infrastructure & Construction (OICL), a wholly owned subsidiary of the company, has got its first contract to construct Highway and three high-level bridges in Punjab from GMADA, Omaxe said in a statement.

The project is valued at Rs 70.4 crore, it added.
OICL will build an eight-km road in Mohali, Punjab along with three high-level bridges and culverts on the same road.
The project is expected to be completed in 16 months.

“This is our first venture in Highway construction. We are committed to the government’s vision of developing world-class infrastructure and this project will be a model for future projects,” Omaxe Group CMD Rohtas Goel said.
Omaxe group had recently bagged orders from Director General Married Accommodation Project, Ministry of Defence and Air Force Naval Housing Board (AFNHB) among others.

The total value of the infrastructure and contracting projects, including the recent contract, is about Rs 1,251.13 crore, it said.

Realty firm Omaxe Ltd said its subsidiary has bagged a contract of Rs 202.72 crore from the Defence Ministry to build a housing project in Indore. Omaxe Infrastructure & Construction Ltd (OICL), a wholly- owned subsidiary of Omaxe, has been awarded the contract from DGMAP, Ministry of Defence to construct a residential complex at Indore, the company said in a statement.

“The project is pegged at Rs 202.72 crore,” it said, adding that work order involves construction of residential accommodation for defence Junior commissioned officers (JCOs) and other ranks (ORs). OICL would construct a total of 1,044 dwelling units for JCOs and ORs. The project will be completed in 25 months. After winning this project, OICL’s order book has reached to about Rs 1,181 crore.

Early this month, OICL had bagged a contract of Rs 128 crore from the Defence Ministry to construct a housing project in Jammu & Kashmir. In real estate, Omaxe is developing 53 projects. Among these, there are 21 integrated townships, including a hi-tech city, 21 group housing projects, nine shopping malls and commercial complexes, and two hotels.

Realty firm Omaxe Ltd said its subsidiary has won a contract of Rs 128 crore from the Defence Ministry to develop a housing project in Jammu & Kashmir. Omaxe Infrastructure & Construction Ltd (OICL), a wholly- owned subsidiary of Omaxe, has been awarded the contract from DGMAP, Ministry of Defence to construct a residential complex at Nagrota in J&K, the company said in a statement.

“The project is valued at Rs 127.93 crore,” it said, adding that work order involves development and construction of the residential accommodation for the defence officers.
OICL would construct a total of 800 dwelling units for JCO’s and OR’s. The project will be completed in 27 months. “Our wide experience and expertise in construction of residential campuses will help us to construct the project in sync to the requirements of defence personnel,” Omaxe Chairman and Managing Director Rohtas Goel said.

OICL currently has an order book of about Rs 978 crore. It had recently bagged a contract from Air Force Naval Housing Board to build a housing colony at Meerut in Uttar Pradesh. In real estate, Omaxe is developing 53 projects. Among these, there are 21 integrated townships, including a Hi-Tech city, 21 group housing projects, 9 shopping malls and commercial complexes, and 2 hotels.

In a company statement said,“The contract, which involves development and construction of the residential colony, is pegged at Rs 572 million,”.The colony will comprise of 365 dwelling units and with a total construction area of five lakh sq ft, the project is proposed to be completed within 2 years of commencement of construction.

Also earlier, Omaxe bagged a contract to construct the new complex of the famous AIIMS at Rishikesh, Uttarakhand. At present, Omaxe Infrastructure & Construction has an order book of Rs 822.52 crore.

Omaxe Ltd ,the leading real estate firm, said it expects a sales revenue of Rs 250 crore over the next two-and-a-half years from a group housing project at Lucknow.

The company announced the launch of Omaxe Residency, which is spread over 14 acres and comprises 960 apartments.In a statement ,Omaxe said,“The project will have a realisation value of about Rs 250 crore,” . This is the company’s third project in Lucknow and is expected to be ready for occupancy in the next two-and-a-half years.

Omaxe will offer these units at a basic selling price of Rs 1,750 a sq ft. The company is currently developing 53 projects, of which 21 are integrated townships, 21 are group housing projects, nine are shopping malls and commercial complexes and two are hotels. It is also executing seven infrastructure and contracting projects.

Real estate company Omaxe would develop a shopping complex in Punjab and expects a sales revenue of Rs 120 crore in the next two and a half years. The company  launched ‘India Trade Tower’, arguably the tallest commercial edifice of Punjab in Mullapur , Omaxe said.

The complex, which is a part of a proposed 26 acre global business park — international hotel and business hub, would be spreading over a total area of 2.45 lakh sq ft. “India Trade Tower with a realisation value of approx Rs 120 crore is slated to be completed within two and half years from the commencement of construction,” the company said.

“The project will bring in tremendous scope for hospitality business, trade promotion and will usher the development of quality real estate in the area,” Omaxe Chairman and Managing Director Rohtas Goel said. Omaxe at present has 53 projects under execution and planning. Among these 21 are integrated townships, 21 group housing projects, nine shopping malls and commercial complexes, and two hotels. There are seven on-going infrastructure and contracting projects.