NEW DELHI: In order to recover the time lost due to COVID-19, Realty developer Omaxe has decided to use advanced steel structure technology for its commercial project in Chandni Chowk. The technology will save 40% time and also help expedite delivery of the project by July 2022.

Omaxe has signed an agreement with Jindal Steel and Power Ltd. (JSPL). The company is developing a multi-level parking-cum-commercial project at Chandni Chowk under PPP model with North Delhi Municipal Corporation (North DMC).

To ease the traffic and parking woes at Asia’s largest wholesale and retail hub, North DMC allotted about 4.5 acre land to Omaxe for providing parking for 2100+cars. It has been a long pending demand of local trade bodies. Omaxe is developing a 10 lakh sq. ft.project with 5 levels of parking and 3 levels of retail space.

“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 steel structure technology,” Omaxe CEO Mohit Goel.

To fasten the completion of the project, Omaxe is using all modern 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 be erected at the site within ten months from the starting date.

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

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

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%.

“The enquiries for readymade steel structures have gone up off late from developers as they are expediting construction works of their projects,” said Jindal Steel and Power Ltd. Managing Director VR Sharma.

Omaxe has a presence across 27 cities in eight states. It is looking to strengthen its presence in north India by monetising land holdings in south India.

The company currently holds about 900 acres of land across the country.

The Chandni Chowk project will be largely funded by internal accruals and customer advances. The total development under this project is about 1 million sq. ft., of which a quarter will be for retailing and 12.5% for food and beverages.