SINGAPORE--(BUSINESS WIRE)--Mumbai’s leading realty firm Omkar Realtors and Developers is set to launch one of the country’s biggest mixed-use realty hubs with an estimated SGD 4.4 billion topline revenue under the brand name Omkar International District (OID), first-ever such development of about 65 acres within the key micro market of Mumbai. The EOI (Expression of Interest) for the residential inventory on offer is available now with key channel partners (CPs) in the Singapore market.
Located adjacent to Andheri on the western highway in Mumbai, the mixed redevelopment being undertaken by Omkar Realtors will see a record 10 million sq. ft development. Out of this, 6 million sq. ft. is dedicated to residential development while balance 4 million sq. ft. will be retail and commercial development. The current 600-plus residential units project on offer is titled “Sereno”.
The RERA compliant inventory consists of 1/2 BHK units with the ticket size ranging from Rs 93 lakh onwards (365 sq. ft.-510 sq. ft. carpet area). The project offering a record 35-plus amenities and 550-plus apartments has a range of collaborations with leading names in hospitality for a 5-star hotel and services. It will also be home to Mumbai’s biggest and most premium mall spanning over one million square feet.
According to Mr. Rahul Maroo, Senior Vice President of the mid-sized conglomerate, Omkar Realtors: “The project’s EOI has opened to an encouraging response from the investors and end-users community within India and key International markets including Singapore. From our International inventory allocation of 150+ units, we have already crossed 90-plus EOI consents from GCC, UK, Hong Kong and Singapore. The NRI investors have shown a renewed bullish sentiment in our latest Mumbai development as the product pricing, designing and ROI potential meets their investment aspirations.”
Mr. Maroo added that NRIs, particularly from the Singapore market, are keenly eyeing inventory in areas with upcoming infrastructure developments such as Metro, Monorail, new link roads connecting the East-West Corridors of Mumbai city and Andheri-Jogeshwari east highway corridor is one such key location in India’s prime realty market. Project Sereno, strategically located on the Western Express Highway, is within a 7-minute drive to domestic and international airports and is located across the road of the upcoming Metro rail.
Mr. Maroo further stated that NRI investors and customers today are primarily looking at four factors to invest in the Mumbai realty market; namely minimum initial investment, RERA compliance, high rental yield potential and a brand which has proven delivery track record. “Brand Omkar, which is a mid-sized corporate conglomerate, scores favorably on all these four counts,” he remarked.
The key target customer groups in this micro market spans SME’s, trading community, corporate professionals, media & entertainment industry. The location is one of the most sought after by Mumbai’s film and television fraternity including artistes and production houses.
Omkar’s NRI outreach:
Omkar has a 4500-strong customer base spanning pan India locations and key global NRI communities. In 2017, the customer and investors traction had been on the increase from NRI markets, particularly from the business and corporate communities. Currently, the brand enjoys a 650-plus customer base from international markets.
Globally based NRI investors/customers base spanning corporate professionals and business communities have historically found connect with Mumbai’s trade and finance markets, apart from being the home country. These factions have been key investors across all ticket sized realty projects in Mumbai. Within the key markets of GCC, UK, Singapore, Hong Kong, Land USA, Omkar had notched up an impressive sale of 100-plus units for its Signet (Mumbai) residential project launched in mid-2017 and a record 250-plus units for its Lawns & Beyond (Mumbai) residential project launched in November 2017.
The marked investment interest level from global investors is indicative of high trust quotient and transparency factor prevalent amongst customers for leading branded players in Mumbai’s residential market. “Omkar’s reach out focus directly and indirectly with fast-expanding global customer base has grown steadily over the years and we are committed to engaging customers emerging from this region in terms of empowering them with in-depth product experience, advance product awareness, flexible payment solutions and dedicated CRM,” Mr. Maroo added.
Today, Brand Omkar has successfully designed projects aimed at luxury gated communities. This includes its most anticipated ultra-luxury residential development Omkar 1973 Worli and the largest and tallest luxury gated community in Mumbai’s suburbs, Omkar Alta Monte. Other key projects include Omkar Meridia and VIVE (Near BKC), Vayu (Mahim), Veda (Parel) and Ananta (Goregaon East), Crescent Bay (Parel) - JV with L&T Realty, Piramal Mahalaxmi (Mahalaxmi) - JV with Piramal Realty, Serendipity (BKC) - JV with Forum Group and Signet by Omkar (Malad East).
