Omkar targets Rs. 3,500cr from realty project

    Omkar Realtors Shapoorji Pallonji Joint Venture
    In order to build a 16-acre land parcel in Powai suburb of Mumbai, Omkar Realtors has entered into a joint venture with Shapoorji Pallonji for the construction of 2.2 million sq ft real estate project estimated to fetch revenue of Rs 3,500-cr and that the partners will share profits equally, said sources claiming that the project entails rehabilitation of over 2,000 slum dwellers. Omkar Realtors & Developers has already secured requisite permissions for the project including tenants' consent for the slum rehabilitation project. Both entities have already formed a separate company with equal board representation and both will get access to total 2.2 million sq ft of saleable area. In the partnership, Shapoorji Pallonji Real Estate will be responsible for construction, finance, sales and marketing of the project, while Omkar Realtors will take care of consents, approvals, and procurement of the land parcel. The 16-acre prime land parcel is adjacent to a hill in Powai and stretches up to R City Mall in Ghatkopar, a central suburb of Mumbai.
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