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Omkar Realtors to invest Rs 700 cr on 2nd phase of Mumbai slum redevelopment project

Press Trust of India  |  New Delhi 

Mumbai-based Realtors today said it will invest about Rs 700 crore to develop the second phase of its new mixed-use housing project at in

The company will develop 600 flats in the second phase in a price range of Rs 93 lakh to Rs 2.65 crore.

This project is a part of 65 acre slum redevelopment project 'International District' where the company would be developing around 14,000 units for slum dwellers and another 9,000 units for sale. It will also have 4 million sq ft of commercial development.

"We are launching the second phase of our 65-acre redevelopment project," Realtors Senior told reporters here.

The company has started seeking expression of interest (EoI) from prospective buyers.

Asked about the investment, he said the project cost for second phase is about Rs 700 crore.

In December last year, announced the first phase wherein it is investing about Rs 1,700 crore to build 1,200 flats.

Maroo said the company has sold almost all units launched in the first phase.

"We are expecting a sales realisation of about Rs 2,700 crore from both the phases," he added.

He highlighted that 5 per cent of total units launched in the first phase were bought by buyers from the Delhi-region and therefore the company has launched various marketing activities here to tap more buyers.

"The project with a fair share of inventory under sub-Rs 1 crore bracket holds strong attraction for pan-customers and investors looking at buying in country's primary realty market," Maroo said.

"Not only does this ticket sizing compare well with and markets, it holds attractive ROI (return on investment) proposition at current pricing level," he added.

has so far delivered 15 projects in and is currently developing another six. It is targeting to complete 20 million sq ft area by 2018 in and has additional 40 million sq area in pipeline.

The company has rehabilitated more than 60,000 slum dwellers in Mumbai under the government's (SRA) housing scheme.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 10 2018. 16:35 IST