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Omkar Realtors And L&T In Talks For Slum Rehabilitation Project

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Omkar Realtors And L&T In Talks For Slum Rehabilitation Project

Omkar Realtors and L&T are in the final stages of closing a slum redevelopment deal in Bandra worth Rs 4,500 crore

If everything gets finalised, Omkar Realtors and L&T Realty will redevelop a Bandra slum. Spread across an area of 4.5 acres, the slum is located in a prime plot in Bandra suburb. The total cost of the project is estimated to be around Rs 4,500 crore. Once the deal falls in place, this will be L&T’s second collaboration with Omkar Realtors. The two real estate giants had previously joined hands for a redevelopment project located in Parel. The 17-acre project was named Crescent Bay.

Sources in the know state that the Bandra project will be revamped for mixed-use development. While Omkar Realtors will take care of the slum rehabilitation, L&T Realty will build its saleable part. The two aim to kickstart the project in this fiscal year.

Recently, Omkar included joint development in its growth strategy. The company aims to maximise its slum redevelopment expertise and collaborate with the biggest names in India’s real estate industry.

The source added, “Omkar is currently sitting on huge slum land parcels and is in the process of finding partners to not only monetise them but also create luxury residential projects by partnering with big names.” It is collaborating with real estate giants like Piramal Realty, Godrej Properties and L&T Realty for the same.

The managing director of Omkar Realtors Babulal Verma has in the past confirmed that his company is focusing on the joint development model by working with prominent developers for large projects.

One of the world’s largest slum rehabilitation projects located in Andheri is also being handled by Omkar Realtors. In the past, Omkar had collaborated with Piramal Realty for the redevelopment of Dhobi Ghat. The 12-acre project is located at Mahalaxmi. The company is working with Godrej Properties for the redevelopment of a 4.25-acre plot in Bandra West. It is also in talks with Piramal Realty for co-developing a 5- acre prime plot located in Mahim.

 

Source: Business Today

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