Upswing in SMEs and trading community from Kolkata investing in Mumbai market

Mr.Animesh Das (L) and Mr. Suresh Rathod (R)

Mumbai’s leading housing firm Omkar Realtors & Developers is set to launch one of the country’s biggest mixed use realty hub with an estimated Rs 22,000 crore topline revenue under the brand name Omkar International District (OID), located near Andheri highway in Mumbai. The project’s EOI (Express of Interest) is available now with key channel partners (CPs) in Kolkata markets.Omkar has a 4,500-strong customer base including pan India locations and global NRI communities.  The customer and investors traction has been on the increase from key Pan India markets with outstation investment accounting for approx. 10% percent of the company portfolio. With the business and trading communities based out of Kolkata looking at Mumbai micro markets as an attractive investment destination, Omkar has expanded its channel partners outreach in this market and has been steadily building up its client portfolio from this region.

While Mumbai’s corporate sector has been drawing mid-level and senior level talent from the key Pan India markets who eventually buy into Mumbai’s realty market, Kolkata’s  trading verticals spanning commodities, stocks, textiles & manufacturing segment  have historically  accounted for major investments in all ticket sized realty projects in Mumbai.For Omkar, the investment sentiment from the Bengal region has seen a marked interest recently accounting for a Rs 100 crore plus realty portfolio.

According to Mr. Das, the marked interest level from Bengal region, especially Kolkata   is indicative of high trust quotient and transparency factor prevalent amongst customers for leading branded players in Mumbai’s residential market.

Spread over 65 acres, adjoining Andheri east on the western express highway, the mixed redevelopment being undertaken by Omkar Realtors will see a record 10 million sq. ft development. Out of this 6 million sq.ft., is dedicated to residential development accounting for 9,000 boutique and luxury houses to be delivered in phases over the next 5-6 years, while balance 4 million sq.ft., will be retail and commercial development.

 

According to Mr. Devang Varma, promoter director of Omkar Realtors, “The record inventory to be rolled out in phases will see significant sales traction from Kolkata based investors and end users. On a pan-India scale, SMEs and trading community are the biggest investors in Mumbai market and also Omkar projects. In fact, there has been an upswing in recent times with the various trading corridors getting additional infrastructural boost”, he added. Omkar’s previous launch of Lawns & Beyond project in November 2017 had attracted a record 75 plus EOIs from Kolkata-based investors.

 

According to Mr. Animesh Das, Head- Channel Partners, Omkar Realtors, “The project with a fair share of inventory under sub-Rs 1 crore bracket holds strong attraction for pan-India customers and investors looking at buying in country’s primary realty market. Not only does this ticket sizing compare well with Kolkata micro markets; it holds attractive ROI proposition at the current pricing level.”

 

Under the OID project, the company will be releasing 600 plus sale inventory by end-August 2018; the EOI (express of interest) for which has already been put out in the pan-India and global markets through the channel partner network.

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