ALSO READYes Bank bad loans spike in second-quarter on RBI action, profit up Yes Bank first-quarter net profit beats estimates; bad loan ratio falls Yes Bank second-quarter profit up 25 percent, lags estimates Yes Bank hid Rs 6,355cr NPAs in FY17,Q2 PAT up 25% to Rs 1k cr Yes Bank may advance on fund raising plan
Mumbai-based Omkar Realtors & Developers, today said that its phase I of Andheri highway project in Mumbai with a topline of approximately Rs 2,000 crore has got the financial closure with leading financial institutions including Yes Bank.
"We are looking at a revenue of Rs 2,000 crore from the first phase of this large layout project. The funding will be through internal accruals and bank finances. The financial closure for the project has already been achieved with leading financial institutions including Yes Bank," Omkar Realtors director Gaurav Gupta told reporters here.
Post implementation of the RERA Act, homebuyers' confidence level has gone up with regard to delivery of projects, Gupta said, adding that the key target customer groups in this micro-market spans SME's, trading community, corporate professionals, media and entertainment industry.
The first phase of the project is spread over 4.5 acre and entails 1,200 apartments for which the developer has received around 1,500 Expression of Interests from homebuyers, they said.
The project scheduled to be delivered by 2022, consists of 1, 2 and 3 bedroom apartments with price ranging from Rs 87 lakh to Rs 1.6 crore onwards with configuration of 355 sq ft to 710 sq ft carpet area.
Omkar Realtors managing director Babulal Varma indicated that buyers are eyeing inventory in areas with upcoming infrastructure developments such as metro, mono rail and new link roads connecting the East-West corridors.
Omkar claims it has over 4,500 customers across the country and global NRI communities. It has so far delivered 15 projects in Mumbai and is developing another six.
It is targeting to complete 20 million sq ft area by 2018 in Mumbai and an additional 40 million sq ft area is in pipeline, it said. The company also said it has rehabilitated than 60,000 slum dwellers in Mumbai under the Maharashtra government's Slum Rehabilitation Authority (SRA) housing scheme. It now plans to house another 12,000 slum families across company's newer sites in next 2-3 years which are in different stages of development.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)