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.

The company is also eyeing over Rs 2,800 crore revenues form the proposed Hitech Township. The development process will be carried out in phases over a period of five to seven years.

Omaxe’s shares were down by 0.85% to Rs 122.20 at BSE. The shares reached a maximum of Rs. 124.10 and a minimum of Rs. 120.15 for the day.