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Indian Real Estate News : Mumbai
Mumbai Based Omkar Realtors and Developers Plan to Invest 1000cr in Residential and Commercial Development
Source: Mar 31, 2011
Mumbai-based Omkar Realtors and Developers is aiming to invest about Rs 1,000 crore in an array of projects, in the 2011-12 fiscal. Primarily, these projects will be a mix of residential and commercial properties and will cover almost 22 million square feet.Speaking to Realty Plus, Babulal Varma, managing director of Omkar Group said, "This year looks very promising for the real estate sector and within the next 6-9 months we are going to launch 8-10 projects in Mumbai, which will be a healthy mix of residential and commercial."

He further added, "The overall investments for these will be to the tune of Rs 1,000 crore. Part of this will be through our tie-up with various nationalised banks and the remaining would be funded through internal accruals."

The new projects to be launched include a residential project at Malad, comprising of 1,100 units. The investment for this will be in the tune of Rs 270 crore. Other residential projects will be launched near Bandra-Kurla Complex, Worli and Parel. The estimated investment for Worli project is about Rs 280 crore, while the financial details for other projects are yet to be chalked out. The price range for all these projects will be in the mid-high segments.

Forthcoming commercial developments by the group include two Summit Business Bay projects at Worli and Andheri, which will be launched soon. According to Verma, Summit Business Bay is a sub-brand of Omkar Group, launched last year. "These are self- contained and flexible office spaces, targetting the self-employed aspiring professionals," he informed.

The Summit Business Bay projects at Worli and Andheri will also have self-contained and flexible office spaces. These two forthcoming projects will be spread across 2 lakh sq ft and 6 lakh sq ft of space. Two more Summit Bay projects will be launched at Kurla and Goregaon, after 7-8 months.

Moreover, the Group is also looking to launch two five-star hotels - one each at Worli and Malad. The company is in the process of finalising the details and is awaiting final approvals. Meanwhile, the company recently launched two residential projects, 'Woodside' in Dadar and 'Raga' in Chembur. These projects are designed for plush living with state-of-the-art amenities. The Woodside is a high-end project housing residences priced between Rs 2.2-2.5 crore, while Raga has homes priced within Rs 1 crore.

Tag: Mumbai, Property Prices, Pune, Real Estate Developers, Real Estate India, Real Estate Trends
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