Omaxe shelves Rs 80,000 cr affordable housing project

Realty firm Omaxe has shelved its Rs 80,000-crore investment plan aimed at developing 10 lakh affordable houses across the country over a period of five years.

The project could not take off after the slowdown impacted all the developers in 2008. Omaxe tried to develop some houses at some locations... but the project is shelved now.

In May, 2008, the company had announced an elaborate plan to build 10 lakh affordable houses for low-income consumers across Tier II and III cities, at a price ranging between Rs 3 lakh and Rs 15 lakh, over a period of five years.