Omkar, Piramal joining hands to develop Mahim property

City-based realty players Omkar Realtors and Anand Piramal led Piramal Realty are close to extend their existing partnerships to a new project in Mahim. The companies are inadvanced stages of discussions to jointly develop a 5-acre prime sea-facing property in Mahim, sources said, adding if it goes through, this willbe the second joint venture agreement between the two afterthe iconic Dhobi Ghat redevelopment project at Mahalaxmi spread across 12 acre.

Earlier Omkar had also entered into a joint development agreement with L&T Realty for a17-acre, redevelopment project in the Parel area, called Crescent Bay, and with Godrej Properties to develop a4.25 acre property in the tony Bandra Westarea.

"The project is being undertaken under the slum rehabilitation scheme and Omkar and Piramal will jointly develop the property," one of the sources told PTI.

While Omkar could not be reached for comments, Piramal Realty spokesperson said, "We are looking at multiple opportunities within the western corridor."

However, according to sources, the deal involves Omkar developing the slum rehabilitation component while Piramal will handle the commercially saleable component which will be a luxury residential development and the companies plan to launch the project this fiscal itself.

Sources also said the agreements signed by Omkar in the recent past shows their strategic shift towards joint development model where it can leverage its expertise along with that of industry players.

An industry expert opined that after implementation of various reforms like RERA and GST, the wannabees of the realty market will fade away and only serious players with good reputation and expertise will stay.

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"Recently we have seen a lot of consolidation and we will see a lot more. Currently, in the MMR region, just 20-22 developers control half of the marketand we think in the next few years their pie will jump to 90 percent," the expert said, adding the current fiscalis likely to see many joint project launches.