Realty developer Omaxe Ltd has informed that M/s. Pancham Realcon Pvt. Ltd, a subsidiary of the Company has entered into Memorandum of Understanding with Allahabad Development Authority for the development of Hi-Tech Township in Allahabad on a proposed area of 1535.12 Acre.

The Estimated Cost of the project is Rs 1800 Crores (approx.) and the estimated revenue is Rs 2200 Crores. (approx.).

The company stated in a communique that project will be executed in Phases over a period of 5 to 7 years.

In recently announced results, the company reported a fall of 91% in its consolidated net profit for the financial year ended March 31, 2009, to Rs 41.31 crore. The company had a consolidated net profit of Rs 494.87 crore during the 2007-08 fiscal.

After touching intraday high of Rs 79, the shares of Omaxe finally settled the day at Rs 75 on BSE.