"We are looking at a revenue of Rs 2,000 crore from the first phase of this large layout project. The funding will be through internal accruals and bank finances. The financial closure for the project has already been achieved with leading financial institutions including Yes Bank," Omkar Realtors director Gaurav Gupta told reporters here.
Post implementation of the RERA Act, homebuyers' confidence level has gone up with regard to delivery of projects, Gupta said, adding that the key target customer groups in this micro-market spans SME's, trading community, corporate professionals, media and entertainment industry.
The project scheduled to be delivered by 2022, consists of 1, 2 and 3 bedroom apartments with price ranging from Rs 87 lakh to Rs 1.6 crore onwards with configuration of 355 sq ft to 710 sq ft carpet area.
Omkar Realtors managing director Babulal Varma indicated that buyers are eyeing inventory in areas with upcoming infrastructure developments such as metro, mono rail and new link roads connecting the East-West corridors.
It is targeting to complete 20 million sq ft area by 2018 in Mumbai and an additional 40 million sq ft area is in pipeline, it said. The company also said it has rehabilitated than 60,000 slum dwellers in Mumbai under the Maharashtra government's Slum Rehabilitation Authority (SRA) housing scheme. It now plans to house another 12,000 slum families across company's newer sites in next 2-3 years which are in different stages of development.
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