Realty major Omaxe announced that the company would develop a 2,700 acre hi-tech township at Lucknow in Uttar Pradesh. The company expects profit of over Rs 2800 crore from the project.

Garv Buildtech Private Ltd, which is a subsidiary of Omaxe, had signed up a deal with the Lucknow Development Authority to develop a township in the city.

The announcement was made by Omaxe in a filling of the Bombay Stock Exchange.

As issued by the Delhi based company, “The proposed township would yield estimated revenue of over Rs 2,800 crore and is to be executed in phases over a period of five to seven Years.”

Earlier, Omaxe had announced the development of a township in Bulandshahar. Rivaj Infratech, its subsidiary, has entered into an agreement with the Bulandshahar Development Authority to develop the project.