Omaxe, JSPL Sign Agreement for Supply of Steel Structures for Omaxe Chowk

Reiterating its commitment to the early completion of this prestigious project in Delhi, Omaxe signed an agreement with Jindal Steel and Power Ltd. SPL). Omaxe is developing a multi-level parking-cum-commercial project at Chandni Chowk under PPP mod with North Ddhi Municipal Corporation (North DMC).

To ease the traffic and parking woes at Asia's largest wholesale and retail hub, North DMC allotted approx. 4.5 acres of land to Omaxe for providing parking for 2100+ cars. It has heen a long pending demand of local trade bodies. Omaxe is developing a 10 Lacs sq, ft. project with 5 levels of parking and 3 levels of retail space. There is a dire need of parking in Chandni Chowk for the shop owners and lakhs of customers visiting this market daily from all over the country.

To fasten the completion of the project, Omaxe is using all modem technologies and has tied up with JSPL for supplying and erecting the building with modular steel structure. The building structure will be supplied by JSPL in knocked down form at the site. The structure can he erected at the site within 10 months from the starting date.

Commenting on the development, Omaxe CEO Mr. Mohit Goel said: "Omaxe Chowk is the most prestigious project not just for Omaxe but for the country as a whole. Due to the Supreme Court ban on construction because of pollution and the COVID- 19 lockdown, we have lost close to six months of time. In order to cover up for the lost time, we are using the advanced sted structure technology which will not only save 40% time but also hdp expedite ddiivery of the project by July 2022."

The building is designed using high grade steel structure with fabricated heam column as compared to the conventional construction methodology which helps in not only granting additional strength tothe building structure but also saving alot of time.

JSPL will supply 7000-8000 metric tonne of structure steel to Omaxe.

Adding to this, Jindal Steel and Power Ltd. Managing Director Mr. VR Sharma said, "The enquiries for readymade sted structures have gone up off late from developers as they are expediting construction works of their projects. We are glad that Omaxe has chosen us for the supply of steel structures for ther ambitious project Omaxe Chowk at Chandni Chowk."

Additionally, Omaxe is also deploying other time-saving measures to make up for the lost time in construction by adopting Diaphragm wall (D-wall) construction module, HDPE membrane for foundation waterproofing to name a few.

These measures coupled with deploying additional manpower will reduce construction time by at least 40%.

This project is being developed by Omaxe Heritage Pvt. Ltd., 100% subsidiary of Omaxe Ltd.

Shares of OMAXE LTD. was last trading in BSE at Rs.71.1 as compared to the previous close of Rs. 67.75. The total number of shares traded during the day was 340365 in over 1225 trades.

The stock hit an intraday high of Rs. 71.1 and intraday low of 68.6. The net turnover during the day was Rs. 24127209.

Shares of JINDAL STEEL & POWER LTD. was last trading in BSE at Rs.177.5 as compared to the previous close of Rs. 176.75. The total number of shares traded during the day was 797581 in over 4848 trades.

The stock hit an intraday high of Rs. 179.2 and intraday low of 174. The net turnover during the day was Rs. 140849148.

Source : Equity Bulls

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