New Delhi [India], Aug 12: Mumbai’s leading housing firm 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.
The project’s EOI (Express of Interest) is available now with key channel partners (CPs) in Delhi markets.
Spread over 65 acres, adjoining Andheri east on the western express highway, the mixed redevelopment being undertaken by Omkar Realtors 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 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 and also Omkar projects. In fact, there has been an upswing in recent times with the trading corridor getting an additional infrastructural boost,” said Devang Varma, promoter director of Omkar Realtors.
Omkar’s previous launch of Lawns & Beyond project in November 2017 had attracted a record 100 plus EOIs from Delhi-based investors.
“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 an attractive ROI proposition at the current pricing level,” said Rahul Maroo, Senior Vice President, Omkar Realtors.
He further said that the buyers and investors out of Delhi are eyeing inventory in areas with upcoming infrastructure developments such as Metro, Monorail, new link roads connecting the East-West Corridors etc., and Andheri – Jogeshwari is one such key location in Mumbai. 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 the country’s primary realty market.
Not only does this ticket sizing compare well with key Gujarat markets; it holds an attractive ROI proposition at the current pricing level.
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.
The RERA compliant inventory, currently codenamed “Passcode Opportunity”, consists of 1/2 BHK units with the ticket size ranging from Rs. 93 lakh onwards (365 sq.ft. – 510 sq.ft. carpet area). The project offering a record 35 plus amenities and 550 plus apartments has a range of collaborations with leading names in hospitality for a 5-star hotel and services business will also be home to Mumbai’s biggest mall spanning over one million square feet. Currently, the biggest mall in the vicinity and on the western express highway is the Oberoi Mall (5 lakh sq.ft.).
The project strategically located on the Western Express Highway enjoying easy access to domestic and international airports comes with flexible payment plans and minimal down payment options. The key target customer groups in this micro market spans SME’s, trading community, corporate professionals, media and entertainment industry. The location is one of the most sought after by Mumbai’s film and television fraternity including artists and production houses.
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.
The Andheri / Jogeshwari East corridor has a flourishing rental housing market. Recent launches which are close to the highway in destinations have commanded premium rentals. Rentals of 2-3 BHK in this belt has been setting new benchmarks in the Rs. 60,000-90,000 per month bracket. Booming rentals in these markets are a factor of proximity to the highway and the value offering seen in branded projects.
Omkar’s key projects Omkar 1973 Worli (South Mumbai), Omkar Alta Monte (western suburbs), Ananta (Goregaon East), Signet (Malad East) has a customer base spanning some of the leading names from the world of arts, sports, entertainment and corporate sector.
The company has a 4,500-strong customer base spanning pan India locations and global NRI communities. The customer and investors traction has been on the increase from Delhi markets particularly from the business and corporate communities. Currently, the brand enjoys a 150 plus customer base from Delhi market for its boutique and luxury inventory.
While Mumbai’s corporate sector has been drawing mid-level and senior level talent from country’s capital; Delhi’s HNI investors base, corporate professionals, and trading communities has historically found a connect with Mumbai’s trade and finance markets. These factions have been key investors across all ticket sized realty projects in Mumbai.
For Omkar, the investment sentiment from the Delhi region and those of its communities present in Mumbai has significantly dominated brands overall product portfolio accounting for an overall volume of Rs. 2000 crore plus inventory in the last 5 years.
The rapidly growing investment sentiment for this market includes a healthy mix of end users and investors.
According to Maroo, the marked investment interest level from the Delhi region is indicative of high trust quotient and transparency factor prevalent amongst customers for leading branded players in Mumbai’s residential market.
“Omkar’s reach out focus directly and indirectly with this region has grown steadily over the years and we are committed to engaging customers emerging from this region in terms of empowering them with in-depth product experience, advance product awareness, flexible payment solutions and dedicated CRM,” he added.