Unitech has reportedly decided to part ways with Omkar, its Mumbai JV partner
for slum rehabilitation projects.
Both partners held equal stake in the venture, called Unitech Omkar. Unitech
has already invested Rs 250 crore into the venture. The projects were being
executed at the entity level.
The JV had launched projects at discounted prices in prime localities like
Worli called 'The Residences'. It has pre-sold around 20 per cent of the
project. Another one is in Chembur where the Phase I has been sold out and it
was expected to launch the Phase II, apart from the Woodside and Ascot projects
in Dadar, central Mumbai.
Following the parting of ways, ongoing projects are expected to continue as
SPVs. Henceforth, any new investment that Unitech makes in slum rehabilitation
schemes is likely to be of an SPV nature.