Real estate developer, Omkar Realtors and Developers, is eyeing a Rs 1,000 crore turnover in the financial year FY 12, a top company official said.
The company is planning to develop 20 million square feet of area in the Mumbai Metropolitan Region (MMR) and would be launching nearly nine projects within the next six months.
"We are currently working on 10 million square feet of area in various parts of the city. We have made the necessary financial arrangements and would launch the projects within the next six months. These projects are expected to be completed in two years. Thus, we are eyeing a turnover of Rs 1,000 crore by FY 12," the company's Managing Director, Babulal Varma, told PTI here.
The company had recorded a turnover of Rs 262 crore in FY 10.
"For FY 11, we are looking at a Rs 350 crore revenue. But once our projects are completed in the next two years, we expect the turnover to cross Rs 1,000 crore in FY 12," he said.
Omkar Realtors is developing both residential as well as commercial projects in Malad, Goregaon, Andheri, Kurla, Chmebur, Kalina, Wadala, Antop Hill, Lower Parel, Bhoiwada, Dadar, Worli and Mahalaxmi.
While the residential projects are focused at redevelopment, the commercial projects target small and medium enterprises, self employed individuals, boutique financial institutions and consulting firms.
"We are developing few commercial projects, but we plan to focus on redevelopment projects. In a megapolis like Mumbai where real estate is premium, redevelopment is the best possible option for builders, developers as well as buyers," Babulal said.
The Maharashtra Government too offers FSI of 4 for developers who undertake redevelopment projects. Generally, the FSI of 1 is used for rehabilitation, while the remaining FSI of 3 is the saleable component, which the developer can sell in the open market.
"For redevelopment projects, builders get higher FSI of upto 4, compared with 1.33 in the Island city and 1 in suburbs. This is one of the major factors that is driving builders to take up redeveloped projects. We use this facility to provide best of the facilities to the people of Mumbai," he added.