NRI’s from GCC express their interest in Omkar’s Andheri project
MUMBAI: Mumbai based Omkar Realtors & Developers has obtained 150 plus EOIs (express of interest) from NRI’s based out of GCC for its forthcoming 1200-plus apartment residential project slated for launch this year. This low ticket sized boutique inventory offering is the biggest realty launch across pan-India, Post-RERA, by a branded realty player with Dubaibased NRIs leading the customer interest internationally.
The RERA compliant project, Lawns & Beyond, consists of 1/2/3 bhk units with the ticket size ranging from INR 87 lakh to INR 1.6 crore onwards (355 sq.ft -710 sq.ft carpet area). The project located on the western express highway of Andheri-Jogeshwari east corridor comes with a record 30 plus amenities and an inventory of 1200 plus apartments as part of phase 1 launch. On completion, it will be the largest boutique residential gated community in Mumbai.
According to Rahul Maroo, senior vice president, Omkar Realtors, “The project with a fair share of inventory under INR 1 crore bracket holds a strong attraction for GCC based NRI customers and investors looking at buying in India’s primary realty market. Not only does this ticket sizing compare well with GCC markets; it holds attractive ROI proposition at the current pricing level.”
Maroo added that NRI’s are keenly eyeing inventory in areas with upcoming infrastructure developments such as metro, mono rail, new link roads connecting the East-West corridors etc., and Andheri-Jogeshwari east highway corridor is one such key location in Mumbai. The project’s strategic location enjoys easy access to domestic and international airports and is within walking distance of the upcoming metro. It comes with flexible payment plans and minimal down payment options.
Omkar has a 4,000-strong customer base including pan India locations and global NRI communities. In 2017, the customer and investors traction has been on the increase from GCC region, especially Dubai market, particularly from the business and corporate communities. Currently, the brand enjoys a 200 plus customer base from GCC markets for its boutique and luxury inventory.
GCC-based NRI investors/customers base spanning corporate professionals and trading communities has historically found connect with Mumbai’s trade and finance markets. These factions have been key investors across all ticket sized realty projects in Mumbai. The company notched up an impressive sale of 75 plus units from the GCC customer base for its Signet (Mumbai) residential project launched in mid-2017.
For Omkar, the investment sentiment from the GCC region has significantly dominated brands overall product portfolio accounting for an overall volume of INR 500 crore plus inventory in the last 5 years. The rapidly growing investment sentiment for Brand Omkar includes a healthy mix of end users and investors.
According to Umesh Jandiyal, heading Omkar’s brand facilitation team in Dubai, the marked investment interest level from GCC, especially Dubai investors is indicative of high trust quotient and transparency factor prevalent amongst customers for leading branded players in Mumbai’s residential market. “Omkar’s reach out focus directly and indirectly with this region has grown steadily over the years and we are committed to engaging customers emerging from this region in terms of empowering them with in-depth product experience, advance product awareness, flexible payment solutions and dedicated CRM,”he added.