Omaxe, one of the India's leading real estate company, has notified that Rivaj Infratech, a subsidiary of the company has entered into memorandum of understanding with Bulandshahar Development Authority for the development of hi-tech township in Bulandshahar, Uttar Pradesh on a proposed area of 3601.19 acres.

It should be noted that the proposed hi-tech township is well connected to Delhi, located in NCR region adjoining Greater Noida adjacent to proposed Eastern Peripheral Expressway and North-East Railway Freight Corridor.

The proposed township is expected to help the company to realize estimated revenues of over Rs 7500 crore, over a period of 5 to 7 years.

Ahead of positive announcement, the scrip of the Omaxe today settled at Rs 121, up 3% compared to its previous close.