Omkar Realtors & Developers has announced a Rs.250 crore commitment by Red Fort Capital to its premium residential project in Mumbai’s suburb of Malad, named Omkar Alta Monte.
Earlier this year, Omkar also raised Rs.200 crore from India Reit, making the firm one of the few developers to successfully raise multiple tranches of private equity capital in 2011. The current transaction is Omkar’s second deal within a span of three months.
Babulal Varma, MD, Omkar Realtors & Developers says, “We are pleased to work with Red Fort Capital on the Omkar Alta Monte project, and look forward to developing a Mumbai landmark with Red Fort Capital’s support. Together, we shall be able to revitalize a prime location in Mumbai. Our association with a reputed FDI investor such as Red Fort Capital is a testament to institutional confidence in our firm. We believe in crafting better lifestyles as well as providing value for customers and investors.”
Omkar Alta Monte project has been designed by Callison, an international architecture firm based in Seattle, USA. Full-scale construction is currently underway, with Larsen & Toubro (L&T) – India’s largest construction firm – serving as general contractor.
Commenting on the development, Parry Singh, Managing Director of Red Fort Capital, says, “We are pleased to announce our investment in Omkar’s Alta Monte residential project, which has been designed according to international standards and is now being delivered by Omkar’s superior execution team.”
Mumbai currently lacks sufficient supply of well-priced residential offerings. Subhash Bedi, Managing Director of Red Fort Capital adds, “The Omkar Alta Monte project offers Mumbai’s home buyers access to five-star quality and extensive amenities at an attractive value-oriented price.”
