Omaxe Ltd has claimed that its subsidiary, Garv Buildtech Pvt. Ltd, has signed up a memorandum of understating (MoU) with Lucknow Development Authority to construct a Hitech Township in Lucknow.

Omaxe in its filing to the BSE has announced that Garv Buildtech Private Ltd has enterted into a MoU with Lucknow Development Authority for construction of township at Lucknow, Uttar Pradesh. The proposed area for the township is about 2700 Acres, located at the Lucknow Ring Road, close to Lucknow Airport.

Real estate major Omaxe has announced that it has dismissed 70 people and trim down salaries of its employees by 10% per cent on average as part of cost cutting measures, to beat the current slump in the property market.

According to the sources, wages of all employees except those who earn Rs 10,000 or less a month have been reduced.