Omkar Realtors to sell 2 mn sq ft office complex for over Rs 3,000 cr

Omkar Realtors is in talks with real estate investment firms to sell its ongoing office complex project in Mumbai for over Rs 3,000 crore as part of its strategy to monetise commercial assets, a senior company official said on Friday.

The company has already sold a shopping complex, comprising one million sq ft area, to Virtuous Retail, which is the retail arm of investment firm Xander.

The office and retail complex is part of 65-acre slum redevelopment project 'Omkar International District' in Andheri East.

"We are planning to sell our commercial complex in Andheri to some investors. The project will be constructed as per their requirement and then delivered," said Rahul Maroo, CEO of Omkar-Worli and chief strategy & international business.

"We are in talks with few investors to sell this project," he said, adding the deal could be with more than one investors and the project will get completed in the next four years.

Maroo noted that the company has entered into three joint ventures to monetise its land bank. It has partnered with Piramal Realty to develop over 2 million sq ft luxury housing project in Mahalaxmi area. With L&T Realty, it will develop 2.5 million sq ft at Parel.

Omkar has partnered Godrej Properties to construct a luxury housing project in Bandra West.

Maroo said the company is exploring opportunities for more joint ventures.

Omkar Realtors has so far delivered 15 projects in Mumbai and is currently developing another 12 projects.

The company has rehabilitated more than 12,000 families in Mumbai under the Maharashtra government's Slum Rehabilitation Authority (SRA) housing scheme. It plans to house another 50,000 families across company's upcoming projects.