Omkar Realtors and Developer received 700 applications for Andheri projects

Real estate firm Omkar Realtors and Developer has received 700 applications from homebuyers and investors for the second phase of its mixed-use project in Andheri in the city suburbs, a top company executive said.

Real estate firm Omkar Realtors and Developer has received 700 applications from homebuyers and investors for the second phase of its mixed-use project in Andheri in the city suburbs, a top company executive said.

Typically, in this kind of a pre-launch exercise, a developer invites 'expressions of interest' from potential buyers along with a booking amount, after which the homes are allocated.

Omkar has so far launched two phases in its 65-acre mixed-use redevelopment project, offering 1,320 apartments in total.

The company, which recently carried out road shows across major metros in the country and in international markets, has managed to receive 700 applications for the second phase which involves 550 apartments, said Babulal Varma, the managing director of the company.

"Out of these 700 applications, nearly 100 are from NRIs in the GCC market and Singapore, while the rest are domestic homebuyers, with nearly 75 percent from Mumbai," he told reporters today.

He further said that the current 550-plus apartments inventory on offer under the name of 'Sereno' has a fair share of inventory under sub-Rs 1 crore bracket and holds a strong attraction for pan-India customers and investors looking at buying in country's primary realty market.

The 10-million-sq-ft project will have six million sq ft dedicated to the residential development, while the balance will be retail and commercial development.

When asked about the investments made by the company in the project so far for the two phases, its head of marketing and sales, Rajat Khandelwal, said, "So far we have invested Rs 500 crore. We have also partnered with Yes Bank for funding."

He, however, did not specify the number of funds received from Yes Bank.

Khandelwal said the company is hoping to clock revenue of around Rs 2,200 crore from the two launched phases alone, and Rs 22,000 crore from the entire project.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)