Omkar Realtorsenter into₹ 3,000 crore JVwith Piramal Group to developMumbai’s iconic Dhobi Ghat project
Mumbai-based Omkar Group has entered into a Rs 3,000 crore joint development agreement with Piramal Group to develop the iconic Dhobi Ghat project located at Mahalaxmi in Mumbai.
As per this joint development agreement, Piramal Realty (Piramal Group company) will be investing Rs 2600 crore for developing 2 million square feet of free-sale space and allocating an additional Rs 400 crore as deposit to Omkar Realtors. The JV has a 60:40 revenue sharing clause whereby Omkar would be obtaining all approvals and constructing the rehab buildings, whereas Piramal Realty would handle construction and the sales of free-sale inventory.
According to Mr. Babulal Varma, Managing Director, Omkar Realtors and Developers, “Our partnership with Piramal Group augurs well for qualitative and speedier redevelopment of Dhobi Ghat. The popular Dhobi Ghat would not only turn slum-free but also boost Mumbai’s image.”