WORLI | Omkar 1973 | 300+ m | 78 fl + 77fl + 63fl | U/C

[IU]

Render







Old Design:

-commercial tower of 75 floors + 2 x 60 floor residential towers with 3 wings each

Location (view on google maps):





August 7 Update:
Excavation on Omkar's Worli project has begun. Stefon Constructions' website lists it as one of their projects.

"Omkar Realtors & Developers Worli, Mumbai. 2011-12"

[deekshith]

Looks like between 250m and 300m

[IU]

Foster + Partners' third confirmed project in Mumbai is Omkar's Worli project:

Indiareit invests Rs.200 crore in Omkar’s Mumbai luxury project

Ajay Piramal-backed Indiareit Fund Advisors Pvt. Ltd has invested Rs.200 crore in a Mumbai luxury residential project being developed by Omkar Realtors and Developers Pvt. Ltd.

This is the first time Mumbai-based Omkar has raised money from a private equity (PE) fund. The company will use some of this capital for other project plans too, said Babulal Varma, managing director of Omkar.

Indiareit has made the investment from the Rs.930 crore Domestic Fund IV. Half of this corpus has been deployed, managing director and chief executive Ramesh Jogani said.

Located in south Mumbai’s upmarket Worli locality, Omkar’s slum redevelopment project will have two 60-storey residential towers and an office building. It has been designed by London-based architecture firm Foster+Partners and is part of the 10 million sq. ft area the realty firm is developing.

In slum redevelopment projects, builders typically relocate slum dwellers to new housing units and develop and sell the rest of the area at the market price.
...

From the ET:

The project will have a total of over 1 million sq ft of free sale component for Omkar Realtors and involves rehabilitation of around 1,850 families. Of the free sale component, around 75% of space will be developed as two 60 storey luxury residential towers, while rest will be a commercial complex.

"Realisation from this project would be anywhere around Rs 4,000 crore over the next four years by when the entire project will be delivered," said Babulal Varma, managing director of Omkar Group.

[India101]

So the twins in the center would be the 60fl residential towers. Do you think that tall thin cylindrical building is the office building or just a part of the background?

[azzi282]

Id guess its the office tower. Looks too prominent to be a background building. I expected the office tower to be much smaller than that however because its height wasnt mentioned in the article (which normally means its not as important or tall).

[India101]

Thats what was confusing me. It looks really prominent in the render, but it looks about 80fl. There is rarely ever such tall office towers in Mumbai.

[azzi282]

If it were ~80 floors tall that would make it the tallest comercial tower in mumbai?

[India101]

By far the tallest, even in the country (outside of GIFT). Most are only 30 to 40 floors.

[IU]

Currently Mumbai has a 22% vacancy rate in office space and the various new buildings in Lower Parel are bound to take it up. No developer is going to put his money on building a commercial skyscraper which will have no takers or very low lease rates.

If at all, the commercial tower shown above will probably be built at a later stage and hence not much details have been divulged.

[deekshith]

Originally Posted by IndiansUnite

Foster + Partners' third confirmed project in Mumbai is Omkar's Worli project:

Indiareit invests Rs.200 crore in Omkar’s Mumbai luxury project

Render on Omkar's website (posted many times before):

The final decision taken by SEAC gives floor count of commercial building as 50 floor(including basement) and residential as 60 floor twin towers.

http://envis.maharashtra.gov.in/envi...22MoM_SEAC.pdf (page 7)


As per the original proposal.



Uploaded with ImageShack.us


Final decision by SEAC.



Uploaded with ImageShack.us

[IU]

Omkar has contracted L&T to construct its Worli, Malad and Parel projects. Here's an article on the Parel project (just 26 floors) which will be built using precasted elements:

L&T set to build india’s first pre-cast residential high rise

Diversified conglomerate Larsen and Toubro (L&T) is set to build Indias first residential highrise building on a pre-cast basis, a move that may introduce a structural change in the real estate market.

"This is the first time a ground +23 floor high-rise residential structure is being built on a pre-fabricated basis in the country. Though there have been ground +3 level structures and office buildings, no one has attempted a high-rise residential project because it is very complex to build a structure with so many elements (wall, windows, balcony, girders and beams)" said an official close to the development.

L&T has taken a part of the Richardson & Cuddas Ltd site at Byculla on rent to build the pre-cast elements. It has also hired a Singapore-based technology consultant to supervise the project, once production begins. The contract has been awarded by Mumbai-based Omkar realtors, which is developing six towers on the Bhoiwada site at Parel.

An e-mail to L&T went unanswered.

Kersi Cama, head (engineering, procurement and construction), Omkar Realtors, said, "For the Parel project, the size of the order book is roughly `174 crore. We have already started construction at Bhoiwada, Parel. The project has not yet opened for sale. It is due to be completed in 22 months."

Though L&T does not take any contract worth less than 200 crore, Omkar Realtors has awarded a bulk contract of its land at Worli, Malad and Parel to get the construction major on board for the ambitious project. The buildings at Worli and Malad, however, would be built in the conventional method.

For L&T, the project is being considered as a stepping stone to its entry into the high-rise pre-cast building segment. The engineering and construction major is keeping a tight check on the projects cost and margins, since future costs would be based on this model, the official added.

A conventional building is constructed cast-in-situ, or on the site, while elements for pre-cast buildings, like walls, staircases, windows, beams and grids, are built at a factory site. Pre-cast structures do not require finishing, like plastering or wall putty. Though more expensive than the conventional method, pre-cast helps put buildings together more quickly.

In India, only 27 per cent of all industrial and institutional buildings are pre-engineered, while in the United States, more than 70 per cent of all construction in industrial and institutional segments are pre-engineered.

Sushim Banerjee, director general, Institute for Steel Development and Growth, said, "Pre-cast buildings consume 1.7 times more steel than conventional buildings, since they not only use long products like reinforcement bars and structural steel, but also whole steel frames, steel sheets and plates." A single floor comprises 344 elements, and L&T aims to build 140 elements on a daily basis, when production begins. Excavation on the site has begun, and the ground floor would be built in the conventional method.

From the Business Standard's epaper


This is the Parel project mentioned above:



The contract for these projects has also been awarded:

Worli



Malad

[Coolguyz]

Originally Posted by deekshith

101, what is the status of omkar's commercial project "The Summit" in worli.

Originally Posted by India101

Under construction I presume. IndiansUnite or Coolguyz can confirm.

Originally Posted by India101

Really? Satellite imagery shows that whole length of slum land being cleared and that was in Jan. Presumed that would be done in 10 months.

Originally Posted by IndiansUnite

Makes sense. Also, the project was launched earlier this year so work must have begun by now.

maybe CG can help out here.

Visited the site today. They are still clearing the slums,rehab tower work is in progress although they have barricaded tge land.

[IU]

*new thread created for this project*

Savz will be providing updates soon.

[Savz]

Originally Posted by IndiansUnite

*new thread created for this project*

Savz will be providing updates soon.

As seen, the slums are being cleared up.

Image 1:



Image 2:



Image 3:



Image 4:

[sixsigma1978]

Savz - I can't see the second image!

[KuwarOnline]

I can see...all of them

[sixsigma1978]

wierder and wierder!! But great updates. Another slum bites the dust!!

[Savz]

13th Nov, 2011
Copyright@Savz

Project Updates:

Image#1: Slum demolishion work in full force as compared to last time. This was taken at the entrance.


Image#2:


Image#3:


Image#4:


Image#5:


Image#6:

[jaadu]

Looks like piling has started. SHould it be on Site Prep now ?

[Savz]

Nov16, 2011 Article:
Red Fort Capital Advisors is investing Rs250Cr in Omkar Realtor's slum redevelopment project in Malad Mumbai.

The Malad project will have four residential towers and a small office space to be developed at a later stage.

This is second project level investment in Omkar in two months. Last month, it raised Rs200Cr from IndiaReit Fund Advisors for it's slum redevelopment project in Worli, Mumbai. The investment is being done through a structured deal, ensuring 100% returns to fund in the next four years. It will also get 10% incremental return and will control around 30% of the special purpose vehicle executing project until the returns are delivered.

The Worli project will have a total of over 1 million sq ft of free sale component for Omkar Realtors and involves rehabilitation of around 1,850 families. Of the free sale component, around 75% of space will be developed as two 60 storey luxury residential towers, while rest will be a commercial complex.

Omkar had entered into a 50:50 JV with Unitech Ardent Projects in 2008 for development of real estate properties in Mumbai, but the Omkar bought out Unitech of the JV by paying Rs250 Cr.

Since then, Omkar has been looking out for funds for it's various projects across Mumbai. It is developing 9 projects across the city.

It was in talks with Starwood Capital for a funding of Rs.500Cr, but the talks seem to have fallen through. Starwood was planning to invest Rs500 Cr for a 10% stake in Omkar, valuing the company 20x it's revenue. This deal would have valued Omkar more than it's listed peer - Godrej Properties Ltd, which has a market cap of Rs.4800 Cr.

In February, Red Fort acquired 26% stake in JV with Ansal Properties & Infrastructure Ltd for Rs.200 Cr. Before that, it had bought 24.5% stake in an upcoming office complex project developed by Parsvanath Developers Ltd at New Delhi’s Connaught Place, for Rs.120 Cr.

Red Fort Capital had earlier bought 18% stake in the North Delhi project for $19 Mn in June'09, followed by purchase of additional 4% in the same project for $5.3 Mn in Oct'09.

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