Realty firm Omaxe Ltd has signed an initial pact with Lemon Tree Hotels' arm to manage 10 hospitality projects being developed by the company with an investment of ₹4,000 crore.

In a regulatory filing on Friday, the company informed that it has entered into an MoU (Memorandum of Understanding) with Carnation Hotels Pvt Ltd, a wholly-owned subsidiary of Lemon Tree Hotels, to operate 10 hotel projects across India, comprising 4,000 keys.

The 10 projects entail an estimated investment of about ₹4,000 crore and span Lucknow, Vrindavan, Amausi, Ghaziabad, Greater Noida, Amritsar, Kaushambi and Faridabad.

This is part of Omaxe's planned ₹6,200 crore investments to develop 19 hospitality projects across five states.

Mohit Goel, Managing Director, Omaxe Ltd, said, "India's hospitality opportunity is expanding beyond established metropolitan markets, with Tier 2 and Tier 3 cities emerging as important destinations for business, leisure and pilgrimage travel." He noted that temple towns, growing commercial centres and transit hubs each have distinct accommodation needs, creating an opportunity to develop hospitality assets.

"Our arrangement with Lemon Tree Hotels brings established operating expertise to this strategy, while our sale-led development model enables us to pursue this expansion with a disciplined approach to capital deployment," Goel said.

Established in 1987, Omaxe has delivered 145.50 million sq ft of real estate across 32 cities in 8 states and Union Territories, including Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, Rajasthan, Delhi, Uttarakhand, and Himachal Pradesh.