Omkar Realtors is in talks with real estate investment firms to sell its ongoing office complex project in Mumbai, Maharashtra, for over Rs 3,000 crore. This is part of its strategy to monetise commercial assets.
The company has already sold a shopping complex, comprising one million sq ft area, to Virtuous Retail which is the retail arm of investment firm Xander. The office and retail complex is part of 65 acre slum redevelopment project 'Omkar International District' in Andheri (east).
The company has entered into three joint ventures (JVs) to monetise its land bank. It has partnered with Piramal Realty to develop over two million sq ft luxury housing project in Mahalaxmi area. With Larsen & Toubro (L&T) Realty, it will develop 2.5 million sq ft at Parel.
Omkar Realtors has partnered with Godrej Properties to construct a luxury housing project in Bandra west. Omkar Realtors has so far delivered 15 projects in Mumbai and is currently developing another 12 projects.
The company has rehabilitated more than 12,000 families in Mumbai under the Maharashtra government's Slum Rehabilitation Authority (SRA) housing scheme. It plans to house another 50,000 families across the company's upcoming projects.