By Accommodation Times News Service
Omkar Realtors & Developers is set to launch one of the country’s biggest mixed-use realty hub with an estimated Rs. 22,000 crore topline revenue under the brand name Omkar International District (OID), located near Andheri highway in Mumbai has notched up over 700 EOIs (Expression of Interest) from domestic and NRI markets.
Spread over 65 acres, adjoining Andheri east on the western express highway, the mixed redevelopment being undertaken by the builder will see a record 10 million sq.ft. development. Out of this 6 million sq.ft., is dedicated to residential development accounting for 9,000 boutique and luxury houses to be delivered in phases over the next 5-6 years, while balance 4 million sq.ft., will be retail and commercial development.
“The encouraging response by end users and investors in OID project definitely signals the strong revival of buying sentiment in Mumbai post RERA, GST and demonetization phases”, Babulal Varma, Managing Director, Omkar Realtors said.
According to Devang Varma, promoter director of Omkar Realtors, “The record inventory to be rolled out in phases will see significant sales traction from Delhi, Gurgaon and Noida based investors and end users owing to the strategic business corridor between the two states. On a pan-India scale, capital-based business communities are the biggest investors in Mumbai market.”
Under the OID project, the company will be releasing 600 plus sale inventory by end-August 2018; the EOI (Express of interest) for which has already been put out in the pan-India and global markets through the channel partner network, an official statement said.
The RERA compliant inventory consists of 1/2 BHK units with the ticket size ranging from Rs 93 lakh onwards (365 sq.ft. – 510 sq.ft. carpet area).
Under the Sereno title, initial inventory of OID, the company will be releasing 550 plus sale units end-August 2018; the EOI (expression of interest) for which has already been put out in the pan-India and global markets through the channel partner network.
The project which commenced construction in January 2018 has an estimated gestation timeline of 7 years with deliveries scheduled in multiple phases for its residential and commercial inventory. The project is not only expected to transform the Andheri – Jogeshwari east highway belt with the creation of a new residential and commercial zone in Mumbai but usher in a major social reform with a slum-free zone.