NEW DELHI: Riding on the strong real estate demand in Tier II/III cities, listed real estate developer Omaxe NSE 1.34 % ltd said it has more than doubled its sales at Rs 2145 crore in 2019-20.

In its annual report 2019-20 filed in the stock exchange, Omaxe said that it sold a total area of 8.26 million square feet worth Rs 2145 crore in FY 2019-20 as against 3.55 million sq ft area worth Rs 872 crore in 2018-19.

The average realization increased for the financial year 2019-20 to Rs 2912 per square feet for residential and Rs 8382 per sq ft for commercial projects.

“In the last 15 years, we have gained leadership position in cities like New Chandigarh, Ludhiana, Lucknow, Faridabad, Indore to name a few where we are executing our projects. A strong brand equity will help us continue this momentum in 2020-21 as well,” said Mohit Goel, CEO, Omaxe Ltd.

The company delivered 6.7 million sq ft in 2019-20 and targets to develop and deliver around 8 million sq ft of area in 2020-21.

“Recent developments that have emerged as a result of the COVID-19 pandemic and the increased investment and infrastructure development by government and businesses in these cities will drive employment, real estate sector and overall growth of the Indian economy in the coming decade,” Goel added.