Mumbai-based Omkar Realtors & Developers has awarded construction contracts worth Rs.579-crore to Larsen and Toubro (L&T) for three of its SRA projects making it one of the large chunk of slum rehabilitation projects in the Mumbai market to be handled by the construction major.
Out of the three projects, located at Worli, Malad and Parel, the construction contract for the Malad project is worth Rs.268 crore with Worli and Parel projects accounting for Rs.137 crore and Rs.174 crore respectively which have awarded to L&T. All the three projects contracted to L&T would result in complete rehabilitation of slum dwellers.
According to Babulal Varma, Managing Director, Omkar Realtors & Developers, “the decision to engage the leading construction company is indicative of qualitative upliftment in executing slum rehab projects in Mumbai market.”
“At Omkar, we want to break the myth that slum rehab projects are inferior in terms of construction compared to saleable projects in the open market. This apart, one of our brand objectivity is to bring in a marked improvement in the look and feel of the area and living standards,” Varma added.
Omkar Realtors, one of the leading players in the SRA and redevelopment segment in the Mumbai region is targeting to develop 20 million square feet in the city by 2015. This would include a mix of residential and commercial development projects with the company which is also focusing on luxury residential segment.
