A Mumbai based realty firm, Omkar Realtors & Developers is expecting income of Rs 2,000 crore from 65-acre redevelopment project in Mumbai’s western suburb of Andheri at phase one, said a top company official.
The first phase of the project is spread over 4.5 acres and produce 1,200 apartments for which the developer has received around 1,500 Expression of Interests (EOI) from homebuyers. The project has already achieved financial closure with financial institutions including YES Bank.
According to Gaurav Gupta, Director, Omkar Realtors & Developers, “We expect to clock revenue of Rs 2,000 crore from the first phase of this large layout project as the response has been robust. Post RERA implementation, homebuyers’ confidence level has gone up with regards to delivery of projects.”
The project consists of 1, 2 and 3 bedroom apartments with price ranging from Rs 87 lakh to Rs 1.6 crore onwards with a carpet area of 355 sq ft to 710 sq ft and the project is planned to be delivered by 2022.
Of this, 40 percent each inventory is of two and three bedrooms and 20 percent of one-bedroom apartments. Of the total EOI received so far, around 35% is for one-bedroom apartments, Gupta added.