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MENAFN - Muscat Daily - 02/07/2014
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(MENAFN - Muscat Daily) Mumbai-based luxury realty brand Omkar Realtors & Developers Pvt Ltd has announced the launch of its Dubai office, in Aspin Tower on Sheikh Zayed Road.


According to the company's managing director Babulal Varma, Omkar Realtors has an existing global customer base,which includes the GCC markets, and the Dubai overseas office would further serve as the gateway to NRI property buyers spread across the Middle East.


The NRI community has been constantly looking out for attractive propositions in premium property markets back in India; especially Mumbai, he added.


The decade-old Omkar brand currently enjoys the market leadership in Mumbai's redevelopment space and has successfully designed projects aimed at luxury gated communities. This includes its most anticipated ultra-luxury residential development Omkar 1973 Worli and the largest gated community in Mumbai's suburbs, Omkar Alta Monte.


The company's Dubai team, based out of Dubai, will be initially offering four of its prime luxury residential projects for the GCC audience. The four projects include Omkar 1973 Worli (Worli), Omkar Alta Monte (Malad East), Veda Exclusive (Parel) and Ananta (Goregaon East). The company, which holds a strong land-bank inventory in Mumbai is also one of the largest developers of luxury housing in the city, which also includes a joint venture with construction giant Larsen & Toubro.


The company, which has developed and delivered more than 4mn sq ft area in Mumbai, is currently engaged in developing over 20mn sq ft area, spanning residential and commercial segments across the city's prime locations. The company's future development pipeline includes an additional 20mn sq ft space which is expected to be rolled out soon.


The brand, amongst its customer base, has attracted wellheeled business personalities and head honchos from leading corporate brands driving the buying interest of the globe-trotting HNI crowd within Indian markets. Within a short span, every project by Omkar has been appreciated tremendously. While Omkar Alta Monte, Malad is currently being offered at R13,250 (RO84.8) per sq ft (psf), the flagship Omkar 1973 Worli is priced at nearly R40,000 psf, reflecting a nearly 26 per cent year-on-year return over a three-year span.


Global names in architectural designing and luxury amenities backed by some of the best talent pool drawn from the international and domestic space have been engaged by the brand. The expat team working on its key luxury projects in Mumbai includes expertise associated with the iconic Dubai Festival Centre.


While the company has attracted investments from leading private-equity funds and financial institutions, its average year-onyear profit yield for investors across projects has far outperformed the prime market average. It has also engaged leading international architecture and design firms Foster Partners from UK and US-based Callison for its premium residential projects.



 






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