Omkar Realtor’s residential project in Powai gets equity funding from Indiareit
The slowdown in the real estate sector in the last two years seems to be over after the swearing in of the new government whose agenda is to improve the infrastructure, realty and manufacturing industries. On one hand the real estate industry is anticipating to get the Infrastructure status, and on the other hand a surge in demand in the residential as well as commercial properties has blown a new lease of life to the ailing sector.
Following this trend, Mumbai based Ajay Piramal Group’s property fund manager Indiareit Fund Advisors is investing Rs 150 crore in Omkar Realtors & Developers’ residential projects in the Powai suburb of Mumbai. The developer and the fund have already signed the term sheets for the equity component of the project that is estimated to have saleable area of around 2.5 million square feet.
This project will also make the Modi government happy as their election manifesto shouted loud and clear- ‘’housing for all by 2022’’. The first phase of this slum rehabilitation project involves 2,400 slums spread over 15 acres. Omkar Realtors is looking to launch the project in the next six months. They are planning to build one and two bedroom apartments which come under the affordable housing segment.
All the major approvals for the project have been secured and apart from the equity funding, Omkar developer is also looking to raise debt to part finance the development later.
Source- The Economic Times (Mumbai Edition)
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