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Omkar Realtors & Developers to sell retail mall in Mumbai

Friday, 10 Aug 2018
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Real estate developer Omkar Realtors & Developers is looking to sell its upcoming over one million sq ft retail mall in Andheri, Mumbai in Maharashtra for Rs 2,000 crore.

The mall is part of a larger integrated mixed redevelopment project spread over 65 acre adjacent to Mumbai’s Western Express highway.

The total proposed development will be around 100 million sq ft, of which 60 percent will be residential development and the rest will be for mixed use.

For the proposed monetisation of the retail mall, the company has already initiated talks with private equity funds that own and operate premium retail malls in key cities of the country.

The project has begun construction in January 2018 and is expected to be completed in 4.5 years in multiple phases for its residential and commercial inventory. The company is also planning to develop a five-star hotel in this project.

While the deal for the retail mall is expected to be concluded over the next two months, the developer is also looking to bring in financial closure for subsequent phases of the project soon after this.

As part of the proposed layout, the project will deliver around 9,000 free sale premium residential apartments while the five-star hospitality project will be spread over a 2.5 lakh sq ft area.

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