The Times of India 10.08.2012
Mumbai’s biggest slum redevelopment plan gets going
MUMBAI: The largest slum redevelopment scheme in Mumbai—and possibly in India—is underway in the island city. Omkar Realty
and Developers Pvt Ltd has tied up with Larsen and Toubro Realty, a
subsidiary of L&T, to develop a Rs 7,000 crore-plus residential
project spread over a 17-acre slum sprawl in Bhoiwada, Parel.
L&T, which is the majority partner, will design, construct and
market the high-end luxury apartments with Omkar. The project will have
1,200 apartments spread over 3 million square feet in six towers, each
40-60 floors tall. Flats in this area are currently quoted at
approximately Rs 15,000 a sq ft.
Omkar, which bagged the slum
project, will rehabilitate slum dwellers residing in about 4,000
shanties free of cost in 269 sq ft (carpet area) flats in nine to ten
buildings of 23 floors. With a floor space index of over 3 available in
slum schemes, the plot has a developable space of over 5 million sq ft. Under the slum redevelopment scheme, a developer can use the balance area to construct buildings to sell in the open market.
S D Corporation, a joint venture company of hotelier Dilip Thakkar and
construction major Shapooji Pallonji, had eight years ago undertaken a
slum scheme spread across 13 acres. The developer has constructed two
60-storey luxury towers, The Imperial, from the free sale component.
In the Bhoiwada project, one million sq ft will be used for
rehabilitation while the balance area will be used for free sale by the
two companies. Babulal Varma, managing director of Omkar,
confirmed the joint venture but refused to elaborate on the revenue
sharing agreement. Shrikant Varma, managing director of L&T Realty,
refused to comment on the first venture by the company in the Mumbai
property market. The JV was signed recently after almost a year of
negotiations.
Sources close to the development say L&T has invested around Rs 500 crore in the Parel project.
Incidentally, L&T is also the contractor appointed by Omkar to
construct slum rehab buildings at Bhoiwada. The construction agreement
worth Rs 174 crore was signed in 2011. The construction major, for the
first time, is using pre-cast technology normally used for
ground-plus-three-level structures to construct high-rise buildings of
23 floors.
Omkar has bagged rights to redevelop 10,000 hutments
spread across 20 acres in Malad. The company has raised a debt of about
Rs 2,000 crore to finance construction of almost 5.5 million sq ft at
its Worli and Malad project.
and Developers Pvt Ltd has tied up with Larsen and Toubro Realty, a
subsidiary of L&T, to develop a Rs 7,000 crore-plus residential
project spread over a 17-acre slum sprawl in Bhoiwada, Parel.
L&T, which is the majority partner, will design, construct and
market the high-end luxury apartments with Omkar. The project will have
1,200 apartments spread over 3 million square feet in six towers, each
40-60 floors tall. Flats in this area are currently quoted at
approximately Rs 15,000 a sq ft.
Omkar, which bagged the slum
project, will rehabilitate slum dwellers residing in about 4,000
shanties free of cost in 269 sq ft (carpet area) flats in nine to ten
buildings of 23 floors. With a floor space index of over 3 available in
slum schemes, the plot has a developable space of over 5 million sq ft. Under the slum redevelopment scheme, a developer can use the balance area to construct buildings to sell in the open market.
S D Corporation, a joint venture company of hotelier Dilip Thakkar and
construction major Shapooji Pallonji, had eight years ago undertaken a
slum scheme spread across 13 acres. The developer has constructed two
60-storey luxury towers, The Imperial, from the free sale component.
In the Bhoiwada project, one million sq ft will be used for
rehabilitation while the balance area will be used for free sale by the
two companies. Babulal Varma, managing director of Omkar,
confirmed the joint venture but refused to elaborate on the revenue
sharing agreement. Shrikant Varma, managing director of L&T Realty,
refused to comment on the first venture by the company in the Mumbai
property market. The JV was signed recently after almost a year of
negotiations.
Sources close to the development say L&T has invested around Rs 500 crore in the Parel project.
Incidentally, L&T is also the contractor appointed by Omkar to
construct slum rehab buildings at Bhoiwada. The construction agreement
worth Rs 174 crore was signed in 2011. The construction major, for the
first time, is using pre-cast technology normally used for
ground-plus-three-level structures to construct high-rise buildings of
23 floors.
Omkar has bagged rights to redevelop 10,000 hutments
spread across 20 acres in Malad. The company has raised a debt of about
Rs 2,000 crore to finance construction of almost 5.5 million sq ft at
its Worli and Malad project.
