NRIs keen to invest in real estate in India, says developer

London, September 24, 2013: As a sequel to recent depreciation in the rupee, Non-Resident Indians from around the globe have evinced interest to invest in real estate in India, a Mumbai-based real estate developer has said.

“With the dollar appreciating against the rupee, there is a lot of interest among rich NRIs in the UK and elsewhere to invest in India,” Gaurav Gupta, Director of Mumbai-basedOmkar Realtors & Developers told reporters here.

Gupta who was speaking after unveiling their ambitious 800 million (Rs 8,000 Crore) Sky Villas project – Omkar 1973 Worli – said, “NRIs want to have a house in India and they see a great investment opportunity now. We have received positive response from NRIs not only from the UK but also from Hong Kong, Singapore, Dubai and the US.”

Omkar 1973 Worli, encompassing 3 towers scaling beyond a combined height of 800 metres, is a flagship development of the group spread over 4.5 acres.

The name Omkar 1973 derives from the latitude and longitudinal coordinates of Mumbai city and is designed by world’s leading architecture design firm Fosters plus Partners.

Gupta said in all 400 plus ‘Ultra-Luxury Apartments’ would be built under the free sale portion and 40 per cent of the apartments have already been booked. The minimum cost of a flat would be Rs 18 crore (4,000 sq.ft) and maximum would be about Rs 80-90 crore (18,200 sq ft), he said.

On completion of the project by mid-2017, it will be one of the best projects in the world, he claimed. “This will change the standard of real estate in India.”

Elaborating on their debut in India’s residential space through the partnership with Omkar Realtors, Nigel Dancey, Senior Partner, Fosters Plus Partners said: “We have tried to give a holistic approach to the design that can be witnessed in the details of the lobby and in the individual villas. This project has a unique indoor-outdoor living design, giving home owners an opportunity to fully enjoy every space.”

The project is located very close to Bandra-Worli sea link; with Mumbai s landmark Siddhivinayak shrine also located nearby.

The project attracted an initial Rs.200 crore funding from the Ajay Piramal Group and Rs.1,200 crore debt funding from Yes Bank, Gupta said. –The Economic Times