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Market Updates

Mumbai’s biggest integrated realty project OID opens up residential inventory

omkar RealtyMyths, RealEstate

(Notches up 700 plus EOI from domestic and NRI home buyers)

 Mumbai’s leading housing firm Omkar Realtors & Developers which is set to launch one of the country’s biggest mixed-use realty hub with an estimated Rs 22,000 crore topline revenue under the brand name Omkar International District (OID), located adjacent to Andheri highway in Mumbai has notched up over 700 EOIs (Expression of Interest) from domestic and NRI markets.

Spread over 65 acres, adjoining Andheri east on the western express highway, 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.

According to Mr. Babulal Varma, Managing Director, Omkar Realtors, “The encouraging response by end users and investors in OID project definitely signals the strong revival of buying sentiment in Mumbai post RERA, GST and demonetization phases”.

He further stated that the current 550-plus apartments inventory on offer under the name of Sereno has a fair share of inventory under sub-Rs 1 crore bracket and holds a strong attraction for pan-India customers and investors looking at buying in country’s primary realty market. Not only does this ticket sizing compare well with other pan-India micro markets, it assures all home buyers of an aspirational lifestyle and high convenience.

Under the Sereno title, initial inventory of OID, the company will be releasing 550 plus sale units end-August 2018; the EOI (expression of interest) for which has already been put out in the pan-India and global markets through the channel partner network.

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 business will also be home to Mumbai’s biggest mall spanning over one million square feet.

The project strategically located on the Western Express Highway enjoying easy access to domestic and international airports comes with flexible payment plans and minimal down payment options. The key target customer groups in this micro market span 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.

The project which commenced construction in January 2018 has an estimated gestation timeline of 5-6 years with deliveries scheduled in multiple phases for its residential and commercial inventory. The project is not only expected to transform the Andheri – Jogeshwari east highway belt with the creation of a new residential and commercial zone in Mumbai but usher in a major social reform with a slum-free zone.

According to JLL, the Andheri / Jogeshwari East corridor has a flourishing rental housing market. Recent launches which are close to the highway in destinations have commanded premium rentals. Rentals of 2-3 BHK in this belt has been setting new benchmarks in the Rs. 60,000-90,000 per month bracket.  Booming rentals in these markets are a factor of proximity to the highway and the value offering seen in branded projects. Omkar’s key projects Omkar 1973 Worli (South Mumbai), Omkar Alta Monte (western suburbs), Ananta (Goregaon East), Signet (Malad East) has a customer base spanning some of the leading names from the world of arts, sports, entertainment and corporate sector.

Omkar’s customer outreach:

The mid-sized corporate conglomerate Omkar has a 5,000-strong customer base spanning pan India locations and global NRI communities. The customer and investors traction has been on the increase; particularly the business and corporate communities. Currently, the brand enjoys a 15 percent customer share accruing from out of Mumbai locations including international markets.

According to Mr. Varma, the marked investment interest level within Mumbai and out of Mumbai region is indicative of high trust quotient and transparency factor prevalent amongst customers for leading branded players in Mumbai’s residential market. “ Omkar’s customer engagement focus directly and indirectly across all product categories has also gained new grounds; especially in terms of empowering them with in-depth product experience, advance product awareness, flexible payment solutions and dedicated CRM”,  he added.

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