New Delhi, January 05, 2017
Year Ender 2016
For Indian Real estate sector year 2016 saw major developments be it in the area of newer policies, an interest rate cut by apex bank for softer home loans, the introduction of smaller unit sizes to push sales REITs etc. The passage of Real Estate Bill was a major step towards bringing in added efficiency and transparency in this sector. Also, the government decision of demonetization was a move towards making the industry more organised and professional in its overall functioning.
On the other hand, the Real Estate Regulatory Bill has been an important initiative taken by the government this year favouring both the buyer and the developer. This year also saw the biggest change in decades, especially on the policy front, these being GST and RERA having cleared hurdles, and are on their way to full implementation. Since January, the central bank has also reduced the interest rate by 125 basis points including 50 basis point reduction in September.
This year Mumbai realty market witnessed a pick-up in demand for housing units, either priced under Rs 3crore or above Rs 20 crore. The year also saw the introduction of inventory of smaller ticket size ranging from 1BHK to 1.5 BHK, 2 BHKs. This year also saw one big step taken by Indian government who decided to remove Dividend Distribution Tax (DDT) associated with REIT Funds in India to benefit the common men whose participation will improve and penetration of REIT funds in the country.
Indian Real Estate 2017
In 2017 the focus of Indian real estate will largely be on affordable housing to give momentum to the ongoing sales in the market. Recent amendments in the Real Estate Investment Trusts (REITs) has resulted in growth reason being easier access to capital for faster project completion. Largely, those staying in rental accommodation will benefit with affordable housing getting a push from the government from time to time with policy changes.
This rationalisation of the tax regime for REITs in Budget 2016-17 will help make it a reality. Developers will come up with RIETs to benefit from easier access to capital to fund their projects.The country’s real estate markets are definitely poised for growth in the medium-to-long term on the back of higher transparency and further consolidation. Indian real estate 2017 will be focused around “Housing for all Schemes” and “PradhanMantriAwasYojana”, with a clear mission to house every Indian.
Mumbai 2017
For Mumbai, it will be a bumper year for India in 2017 when it comes to real estate. Mumbai is the top-ranked city for prospects in terms of both investment and development. Mumbai will be top realty investment destinations for 2017 in the Asia-Pacific (APAC) region as per PwC-Urban Land Institute report. Mumbai even though is being constrained by geography, will see further boost and strong recovery in realty sales with the introduction of inventory of 1, 1.5 and 2 BHK residences being introduced by the majority of real estate players in Mumbai. Secondly, options like walk to work options and studio apartments are also being built to target the growing populace waiting to own their own residence in their budgets.
Mumbai-based Omkar Realtors & Developers Private Limited (ORDPL), commenced its operations in the realty vertical in 2003 and currently holds the market leadership in Mumbai’s redevelopment and premium housing segment. Having backed by five decades of business heritage and strong financials; the company’s expertise is showcased through an array of residential and commercial projects and an estimated land-bank inventory of over 40 million sq. ft, spread across most premium locations in Mumbai.
Omkar Realtors (www.omkar.com) is promoted by second generation entrepreneurs who have carved a niche for themselves by being committed to timely delivery and high quality offering. The management is represented by a team of professionals with expertise in industries spanning realty, steel-manufacturing, oil exploration, shipping and construction sectors.
Today, Brand Omkar has successfully designed projects aimed at luxury gated communities. This includes its most anticipated ultra-luxury residential development Omkar 1973 Worli and the largest luxury gated community in Mumbai’s suburbs, Omkar Alta Monte. Other key projects include Omkar Meridia (BKC Crossing), Veda (Parel) and Ananta (Goregaon East), Crescent Bay (Parel) which is a JV with L&T Realty. Omkar’s project Omkar 1973 Worli, the ultra-luxury residential project has won the most prestigious ‘Sword of Honour Award for 2016’ by the British Safety Council. The apex award has been conferred in the category of the “World’s best high rise construction project” for “Demonstrating excellence in the management of health and safety risks at work”.
The company holds a strong land-bank inventory in Mumbai Metropolitan Region (MMR) and is one of the largest developers in the luxury housing space; including a joint venture with construction major L&T. It has already delivered 13 projects in Mumbai and is currently developing another 10 projects with major emphasis on luxury residential space. The company plans to complete development of 20 million sq. ft., area by 2018 in Mumbai with an additional pipeline of 20 million sq. ft to follow.
The brand, amongst its customer base, has attracted well-heeled business personalities and head honchos from leading corporates driving the buying interest of the globe-trotting HNI crowd within Indian markets.
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; thus marking the debut of Foster and 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. In 2014, the company opened its sales offices in Dubai and plans to start sales offices in Hong Kong and Singapore shortly to engage international investors.
Omkar which enjoys the market leadership in Mumbai’s re-development space has rehabilitated more than 8,000 urban-challenged families from Mumbai’s slums under the Maharashtra government’s Slum Rehabilitation Authority (SRA) housing scheme. The company would house other 1 lakh slum dwellers in next 36 months in different parts of the city.
Omkar’s 1000 plus-strong professional team coupled with high-quality infrastructure, innovative design and superior urban development capabilities has been setting new milestones in the realty sector. The management is headed by Mr Kamal Gupta (Chairman) and Mr Babulal Varma (Managing Director) along with six directors on the board.
Key Highlights:
– Wide bouquet of luxury and ultra-luxury properties ranging from a ticket size of Rs 1 crore plus to Rs 100 crore.
– Currently developing 20 million sq.ft. area in Mumbai with an additional pipeline of 20 million sq.ft to follow.
– Have successfully delivered 15 SRA projects rehabilitating approx. 8,000 urban-challenged families in Mumbai under state government’s SRA scheme.
– Have successfully delivered 07 redevelopment projects across Mumbai
– Fast developing the largest luxury gated projects of Malad, Parel and Worli.
– JV with L&T Realty for developing over 2.5 million sq.ft., luxury housing project in the prime micro market of Parel.
– Most premium locations within micro markets of Mumbai including locations ranked as top premium locations on a Pan India basis.
– On-going construction work entailing the largest site workforce of over 7,000 workers working on a single realty brand in Mumbai.
– Working on tall residential structures having the potential to be ranked amongst the Top 10 tallest residential structures globally.
– Introducing one of the world’s most admired architectural designer Foster + Partners and globally leading Spa Chain ESPA to Indian residential realty segment.
– Highest ROI graph witnessed for a luxury gated development between year 2010 and 2014 in Mumbai’s micro market of Malad, Parel and Worli .
– Niche domestic and global customer base including leading business personalities, corporate head honchos and upper crust globe-trotting buyers from pan India regions.
– For the fiscal year 2014-2015, the brand clocked in a record sales of approx. Rs 3800 crore.
– Private Equity funding of approx. Rs 750 crore from leading PE players.
Corporate workforce of 1000+ employees.
Awarded as the ` Young Achiever’ by Realty Plus Excellence Awards 2014, 34 year old Gaurav Vishnukumar Gupta serves as the Director of Mumbai-based Omkar Realtors & Developers Private Limited.
A MBA from UK, he is a part of the management think tank overseeing Operations, Finance, Human Resources and Legal functions of the company.
Prior to pursuing an MBA from the United Kingdom, Gaurav got an opportunity to experience and understand the nuances of promoter-driven businesses in India.
Further, his management degree gave him the distinct exposure to working pattern of global corpo-rations. His early post- MBA experience included working with the British Inland revenue department with their taxation division.
Gaurav joined Omkar as a Director at the young age of 23 years in 2005, a year which largely coincided with the onset of organized growth of realty business in India. With pure focus on expanding operations in Mumbai market, since last eight years, he has played a key role in strengthening the company to a 700-member strong professional entity. In the recent past, with his active participation, Omkar attracted private equity funding totaling approx. Rs 750 crore from leading funds.
Omkar, an established market leader in redevelopment arena and a fast emerging brand in luxury residential space in Mumbai has been drawing accolades for its quality deliveries and focused business vision from industry and related stakeholders.
Gaurav sees Omkar’s efforts in redevelopment segment as a vital component in the monumental task of building a slum-free Mumbai while focusing on delivering world class premium products in Mumbai’s residential and commercial market.
He can be reached at gaurav@omkar.com
Corporate Comm India(CCI Newswire)
