Omaxe Chowk: Enriching the heritage of New Delhi's Chandni Chowk

The development, to be completed in 2022, is expected to bring immense heritage and monetary value to its visitors and investors.

Chandni Chowk - the heart of India's capital city New Delhi - is Asia's largest wholesale and retail hub. It was designed by Shah Jahan's daughter Jahanara in the 17th century.

Over the centuries, even as the market lost its architectural glory with encroachments and di­lapidation, it continued to attract businesses and shoppers in lakhs every day.

In order to restore its lost beauty and make shop­ping and doing business convenient, the Chandni Chowk redevelopment project was launched in 2018. Under this scheme, the 1.3 km Chandni Chowk Road, from Red Fort to Fatehpuri Masjid, was taken up for redevelopment. This non-mo­torised two-lane red stone road with plants, pave­ments, underground wiring, etc. will make for not just a delightful visual but a liberating shopping experience. Under this redevelopment project, a multi-level parking is also being built.

This multi-level parking cum commercial proj­ect is being developed in PPP between North Delhi Municipal Corporation and Omaxe Heri­tage Pvt Ltd, a 100 per cent subsidiary of Omaxe Ltd., a BSE&NSE listed real estate Development Company with 124.3 million sq. ft. of delivered space in residential, commercial and contracting works under its belt.

The project named Omaxe Chowk will bring together the old-world charm with modern ameni­ties. With a beautiful blend of Mughal, British and Indian architecture presented through tourism spots and historical references, and amenities like security and surveillance, fire safety, loading and unloading bay, parking, clean washrooms, lifts and elevators for people and goods etc. will enhance footfall and give brands a captive customer base.

The project will have a total parking capacity of 2,100+ cars and 81 tourist buses. Spread across 4.5 acres with a built-up area of 10 lakh sq. ft., the project will have three levels of underground park­ing, ground and first floors for retail, second floor for food court and fourth and fifth floor for over ground parking. It is located diagonally opposite Gurudwara Sis Ganj Sahib and is a five to 10=-min walk from major markets and religious and tourism destinations like Red Fort, Gauri Shankar Mandir, Jain Mandir, Old Delhi Railway Station, Kinari Ba­zaar, Dariba Kalan, Kucha Mahajani, Bhagirath Place to name a few. An entry and exit from Chand­ni Chowk metro station into the first floor of Omaxe Chowk is also proposed.

THE GATEWAY TO CHANDNI CHOWK

Mohit Goel, CEO at Omaxe Ltd. said, "We en­deavour to make Omaxe Chowk the best mall in Asia. Owing to its location, product offerings, return, appreciation and preservation of capital, this retail destination brings with it an immense value, both monetary and heritage, which every investor must look at having in their portfolio."

For those looking to make their business into a flourishing brand, Omaxe Chowk is a perfect fit to make products across categories and regions occupy centre stage of a thriving marketplace Chandni Chowk which receives four to six lakh daily footfall. With Omaxe Chowk expected to witness 40 lakh serious shoppers every month and no commercial development expected to happen in its vicinity in the near future, the prospects of a good return and capital preservation and appre­ciation is also high.

For investors, a back of the envelop calculation will suffice on why Omaxe Chowk is an investment paradise. Based on the rental and six to eight per cent yield in commercial properties, the current price of properties in NCR are overpriced and will continue to do so for the next two to three years. This means not only will there be an issue with re-saleability of your shop/office space, but also with liquidity due to the lack of buyers. However, in Omaxe Chowk, based on both present and fu­ture rental and yield analysis, the price of prop­erty will show greater appreciation and rentals, capital preservation and liquidity.

This next-gen wholesale and retail destination will offer shoppers a plethora of choices in jewel­lery (Jewel Court on Ground Floor) and bridal and groom apparel and accessories (Bridal Market on First Floor). Visitors can also relish the delicacies from around India including Old Delhi in its food court on second floor named the Food Capital.

The project was launched in October 2019 and is expected to be delivered by July 2022. The com­pany is deploying advanced construction tech­nologies to expedite construction and provide durability to the structure. For the supply of mod­ular steel structure, the company has entered into an agreement with India's leading steel manufac­turer Jindal Steel and Power Limited (JSPL). The installation of the same is being undertaken at a break neck speed at the site. The project will also see multiple agreements at various stages of proj­ect development and operation in order to pro­vide an uplifting shopping and business experi­ence to the visitors.