Dear Shareholders and member of the Omaxe family,

When the going gets tough, they say the tough get going. And in our investors we see a set of tough, well-informed, investors looking at current strategy for future growth. Let me begin by thanking each one of you for reposing your trust in us.

Omaxe Ltd., while maintaining growth at a healthy pace has made its mark as one of India’s largest real estate development companies. Just to reflect on our performance during the year, we have posted a 60% increase in our consolidated topline from Rs. 14399.24 Mio in 2006-07 to Rs. 23077.56 Mio in 2007-08. We have delivered 5.9 million sq. ft. and have 54 ongoing projects comprising of group housing, integrated town ships, shopping malls, commercial complexes and hotels across 31Cities in 10 States.

We have managed a healthy growth rate because our business is based on ground realities. Our move to enter the infrastructure, SEZ, power, telecom & affordable housing segments is based on sound market analysis. While markets across the West languish, we saw an opportunity for growth in the lucrative Dubai market and entered it. This was only possible because of your unfailing interest in the company and I thank you all for this faith.

I feel that the growth in the Indian economy is based on the pillars of strong fundamentals - one of the largest populations, large domestic market, and increased per-capita income leading to empowerment of millions of individuals. Given the basics, I feel that the supposed over-supply in the real estate market will subdue in the coming months as more and more aspiring individuals would eventually invest into the residential & commercial spaces. In addition, with the visible shift in the development of zones around tier 2 and 3 towns, the demand for commercial and residential units would shift from costly metros and tier 1 cities to these towns.

Omaxe is establishing itself as an end-to-end construction company which covers the entire spectrum of real estate from affordable to luxury housing, health and wellness to hospitality, retail, commercial and SEZ ventures both domestically and abroad. The business is based on sound fundamentals and planned growth strategy.

I acknowledge the role of our investors, bankers, customers & government in making this journey a success. I salute each and every one of you.

With all your continued support & trust, Omaxe should achieve higher levels of excellence creating value for all stakeholders.

Regards,

Rohtas Goel