Omkar Realtors in talks with Kolkata’s forum for luxury residential project off Bandra-Kurla Complex

MUMBAI: Mumbai-based Omkar Realtors & Developers is in advanced talks with Kolkatabased Forum Projects to enter into a joint venture to develop a 2-lakh sq ft super luxury residential project off Bandra-Kurla Complex in Mumbai, said people familiar with the development. The project will mark Forum Projects’ entry into Mumbai’s prime realty market, especially at a time when other large real estate companies from other parts of the country are moving out of the financial capital.
The land parcel on which the project is being proposed is right behind Asian Heart Institute in Bandra-Kurla Complex, where there are 240 slums at present. Under the agreement, both Forum Projects and Omkar Realtors will share builtup space and revenue equally.

While Omkar Realtors will be responsible for land acquisition and various approvals, including slum dwellers’ consent for redevelopment , Forum Projects will undertake construction and marketing of the project, given its experience with high-end luxury projects in Kolkata.

The project involves slum rehabilitation component of around one lakh sq ft, and the developers will get a saleable area of 2 lakh sq ft that will be jointly branded by them. Both Omkar Realtors & Developers and Forum Projects did not respond to email queries sent by ET.

“Omkar has already received most of the approvals, including consents of slum dwellers and the project is likely to be launched in the next four months. Forum will also be making a sizeable upfront payment in the form of a non-refundable deposit to seek entry into the project,” said one person aware of the developments.

Given its high-end profile, Mumbai’s alternative central business district Bandra-Kurla Complex has started to attract luxury residential property developments in and around the area. Developers such as Sunteck Realty, Shree Naman Group, Rustomjee Group, Hubtown and Kalpataru have already launched projects around Bandra-Kurla Complex recently.

Residential property rates in Bandra-Kurla Complex currently hover around . 40,000 per sq ft, while in the neighborhood of Bandra east, the rate ranges between . 25,000 and . 30,000 a sq ft. Despite the high price points, the demand for such residential properties in BKC has witnessed rise over the past couple of years, said property consultants.