Mumbai based Omkar Realtors & Developers Pvt. Ltd., has carved a niche in real estate especially in the luxury residential, commercial and the redevelopment space. Omkar has over 20 million sq. ft. of the area being presently developed across all its projects, which are in different phases of development which is a mix of luxury residential and commercial developments. The company has an additional 40 million sq. ft. of the area of its new development in the pipeline across the city.
Replying to Yash Ved of Newsbarons, Manoj Paliwal, Chief Financial Officer – Omkar Realtors stated: “The sector will witness investments in second homes by buyers.”
NB: What is your outlook for Real Estate in 2018?
Manoj: Post RERA and GST regime, Indian real estate sector will be largely driven by buyers looking to invest in projects developed by established developers with strong delivery records and projects that boast of quality amenities. The sector will also witness investments in second homes by buyers for self usage and this year will also see most developers introducing boutique apartments in Mumbai.
NB: What will be your focus segment?
Manoj: Our focus has been largely luxury residential developments in the Mumbai region. About 90-95% of our business is in the residential segment while commercial development has a marginal contribution of 5-7%. Going forward, we plan to introduce mixed-use developments and slowly take the percentage share of commercial development to two digit figures.
NB: Are you planning to raise funds?
Manoj: As a developer, we continuously raise funds to complete existing projects on time and we pride ourselves for our timely delivery of projects. For our recently announced project in Andheri, we have tied up with Yes Bank.
NB: What is your outlook for SRA projects?
Manoj: Nearly half of Mumbai’s population resides in slums without very basic amenities of even clean drinking water and proper sanitation. Redevelopment is the only option to eradicate slums from the city and offering an improved lifestyle to the slum residents, providing better infrastructure to the city and its residents by way of releasing of encroached land. The government is also focused to house the slum dwellers through its Slum Redevelopment Authority (SRA) schemes called Slum Redevelopment Scheme (SRS) as well as the redevelopment of old dilapidated buildings under MHADA.
Omkar as a developer believes in the upliftment of the marginalized section of the society and have handed over more than 1492 slum families in 2017 and would provide housing to another 1038 families in the year 2018, thereby supporting the government’s dream of Housing for all by 2020.
NB: What revenue do you expect from Andheri redevelopment project?
Manoj: The first phase of our latest project in Andheri is spread over 4.5 acres and has 1,200 apartments. We estimate a revenue generation of INR 1700 crore for this project. The financial closure of the project has already been achieved with leading financial institutions including Yes Bank.
NB: Brief us about your ongoing and future projects?
Manoj: Our ongoing projects are spread across Mumbai in prime locations like Worli, Bandra Kurla Complex, Malad and we have recently launched another project in Andheri East WE Highway. We are targeting to complete 20 million sq. ft. of land development by the end of 2018.