Omkar Realtors to invest 1,700 on new housing project in mumbai

omkar realtorsBy Accommodation Times Bureau

NEW DELHI

A Mumbai-based realty firm Omkar Realtors announced that will invest about Rs 1,700 crore, at Andheri in Mumbai, for over the next five years to build a new housing project, comprising 1,200 flats.

The carpet area will vary from 355 to 710 sq ft. The prices of the flats will range from Rs 87 lakh to Rs 1.6 crore.
The Mumbai-based developer has started seeking expression of interest (EoI) from prospective buyers.

According to Omkar Realtors, Senior Vice President Rahul Maroo told, “We are coming up with a 6-acre project comprising over 1,200 units. The projects will be launched soon.”

This is the first phase of the overall 65-acre slum redevelopment project, he added.

The project cost, he said, would be around Rs 1,600-1,700 crore in the first phase of development and the company expects about Rs 2,000 crore revenue from the sale of the 1,200 units.

The funding will be through internal accruals and bank finances, adding that the financial closure for the project has already been achieved, Maroo told.

The construction work will start soon and the project will be completed by 2022, he said.

“Under this project, we will be handing over nearly 14,000 units to slum dwellers,” Maroo said.

The company has already received about 500 EoIs from customers, of which 50 are from Delhi-NCR, he said.

According to Maroo, “The project with a fair share of inventory under sub-Rs 1 crore bracket holds a strong attraction for pan-India customers and investors looking at buying in country’s primary realty market.”

“Not only does this ticket sizing compare well with Delhi and Gurugram markets, it holds attractive ROI proposition at current pricing level,” he told.

Under the Maharashtra government’s Slum Rehabilitation Authority (SRA) housing scheme the company has rehabilitated more than 60,000 slum dwellers in Mumbai.

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