Mumbai-based luxury realty brand Omkar Realtors & Developers Private Limited (omkar.com) today announced the launch of its Dubai office, located at Aspin Tower on Sheikh Zayed Road. According to company’s Managing Director Mr. Babulal Varma, Omkar Realtors has an existing customer base globally including the GCC markets and that the Dubai overseas office would further serve as the gateway to NRI property buyers spread across Middle East.
"The NRI community has been constantly looking out for attractive propositions in premium property market back in India; especially Mumbai," Mr. Varma added.
The decade-young 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 city’s luxury housing which also includes a joint venture with construction giant Larsen & Toubro. The company which has developed and delivered more than 4 million sq. ft., area in Mumbai is currently engaged in developing over 20 million sq. ft., area spanning residential and commercial segments across city’s prime locations.
The company’s future development pipeline includes an additional 20 million sq. ft space which is expected to be rolled out soon. The brand, amongst its customer base, has attracted well-heeled business personalities and head honchos from leading corporate brands driving the buying interest of the globe-trotting HNI crowd within Indian markets.
Within short spans, every project by Omkar has appreciated tremendously. While Omkar Alta Monte, Malad is currently being offered at Rs 13,250 psf., the flagship Omkar 1973 Worli is priced at approximate Rs 40,000 psf., reflecting 26 % (approx.) y-on-y returns over a 3-year span.
Globally leading names in architectural designing and luxury amenities backed by some of the best talent pool drawn from international and domestic space have been engaged by the much admired 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-on-year 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 the US-based Callison for its premium residential projects. This marks the entry of Foster + Partners in Mumbai’s luxury residential space.
Over a period of time, Omkar has been engaging the target audiences oversees including markets like Dubai, London, Singapore, Hong Kong, Kenya amongst others by way of exhibitions, events and strategic networking. With the opening of company’s Dubai office, the company expects to create a direct interface with the Middle East buyers and investors.
Backed by a strong legacy of over five decades, Omkar is managed by second generation entrepreneurs. The management consists of seasoned professionals with expertise in real estate, infrastructure, steel manufacturing, oil exploration, shipping and construction.