Omaxe prepays its term facility

Omaxe, amongst the large real estate development companies in India, announced that it has prepaid the balance amount of Rs 990 million in full alongwith the interest due thereon, which was, otherwise, repayable on Dec. 4, 2010.

The company had prepaid Rs 2.01 billion from time to time.

Omaxe had availed a term facility of Rs 3 billion from Indiabulls Financial Services on Dec. 4, 2007 for a period of three years.

Omaxe’s ventures in the real estate business include developing integrated townships, group housing, shopping malls, multiplexes, hotels, resorts, IT parks, biotech parks and SEZs. The company in a short span of five years has completed and delivered 10 projects consisting of eight residential and two commercial projects covering approximately 5.13 million sq. ft. area.