Two leading real-estate developers come together in a joint venture
The real-estate developers Omkar Realtors & Developers and V Raheja Group have come together in a joint venture in order to construct a luxury residential project on a stretch of 7.5-acre land parcel in the city of Mumbai. The V Raheja Group, who owns the plot that is located on the Western Express Highway at Andheri, is a part of the slum-redevelopment scheme.
As a part of this redevelopment project which is targeted on more than 2,000 families who are living in slums there will be rehabilitated on nearly 3.5 acres. The development on the rest of the land is stated to be sold on a joint venture. Kenspeckle, the name by which the project is known as is estimated to have total saleable area of 1.25 million sq ft and the developers are expecting it to generate revenue of more than Rs 2,000 crore.
The joint venture is stated to be based on revenue share and not saleable space. Also as a part of the alliance the construction will be undertaken jointly, while sales, marketing and liaising will be completely Omkar’s responsibility. This statement was provided by Babulal Varma, who is the managing director of Omkar Realtors.
Source: The Economic Times
Andheri, Joint venture, Mumbai, Omkar Realtors & Developers, Real Estate Developers, redevelopment project, Slum redevelopment schemes, V Raheja Group, Western Express Highway
