Omkar Realtors to Invest INR 700 cr on Mumbai Slum Redevelopment Project
This project is a part of 65-acre slum redevelopment project 'Omkar International District' where the company would be developing around 14,000 units for slum dwellers and another 9,000 units for sale. It will also have 4 million sq ft of commercial development.
The company has started seeking an expression of interest (EoI) from prospective buyers.
Maroo said the company has sold almost all units launched in the first phase.
"We are expecting a sales realization of about Rs 2,700 crore from both the phases," he added.
He highlighted that 5 percent of total units launched in the first phase were bought by buyers from the Delhi-NCR region and therefore the company has launched various marketing activities here to tap more buyers.
"The project with a fair share of inventory under sub-Rs 1 crore bracket holds the strong attraction for pan-India customers and investors looking at buying in country's primary realty market," Maroo said.
"Not only does this ticket sizing compare well with Delhi and Gurugram markets, it holds attractive ROI (return on investment) proposition at current pricing level," he added.
Omkar Realtors has so far delivered 15 projects in Mumbai and is currently developing another six. It is targeting to complete 20 million sq ft area by 2018 in Mumbai and has added 40 million sq area in the pipeline.
The company has rehabilitated more than 60,000 slum dwellers in Mumbai under the Maharashtra government's Slum Rehabilitation Authority (SRA) housing scheme.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)