Omkar raises Rs 200 cr from Indiareit

Omkar Realtors & Developers said it has raised Rs 200 crore from the private equity firm Indiareit.

Omkar Realtors & Developers said it has raised Rs 200 crore from the private equity firm Indiareit to develop a premium residential project at suburban Worli.

“We are happy to be associated with a reputed PE Fund like Indiareit. We envision extensive expansion plans within Mumbai and plan to develop many such exclusive residences,” Omkar Realtors and Developers Managing Director Babulal Varma said.

“We are excited at the opportunity to forge a partnership with Omkar for this project and this investment is a validation of our belief in the developer and his capabilities as also the location,” Indiareit Fund Advisors’ Managing Director & Chief Executive Ramesh Jogani said.

Omkar plans to develop projects having an area of about 20 million sq. ft. in Mumbai Metropolitan Region (MMR) with specific focus on the island city and the sub-urban districts over a five year horizon.

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