Omkar Realtors looks to sell its upcoming mall in Mumbai for Rs 2,000 crore
Real estate developer Omkar Realtors & Developers is looking to monetise its upcoming over 1-million-sq-ft retail mall in the suburb of Andheri in Mumbai for Rs 2,000 crore, said two persons familiar with the development.
The mall is part of a larger integrated mixed redevelopment project spread over 65 acres adjacent to Mumbai’s western express highway. The total proposed development will be around 100 million sq ft, of which 60% will be residential development and the rest will be for mixed use.
“The entire project with a range of collaborations with leading names in hospitality for a five-star hotel and services business is being financed with a mix of internal accruals and external funding,” said one of the persons mentioned above. He said for the proposed monetisation of the retail mall, the company has already initiated talks with private equityfunds that own and operate premium retail malls in key cities of the country.
The project has begun construction in January this year and is expected to be completed in 4.5 years in multiple phases for its residential and commercial inventory. The company is also planning to develop a five-star hotel in this project. While the deal for the retail mall is expected to be concluded over the next two months, the developer is also looking to bring in financial closure for subsequent phases of the project soon after this.