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Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

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Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

Last updated: March 4 2021
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  • Re : Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

    Dear IPB2014,
    I appreciate your concern but there are more than 45 pages of discussion highlighting the negatives & positives of the project and about the builders reputation, progress & amenities. this Project has been extensively discussed since 2010 on this Forum, i suggest take some time and read all the post to have a clear idea, before investing. Each and every buyer has done his homework before putting in their hard earned money into this project, this forum has helped us solve a lot of queries & concerns. To invest or not to invest is purely your decision wish you good luck.
    to my knowledge 3BHK in Tower D is 12000/- psf.
    Last edited January 7 2014, 04:47 PM.

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    • Re : Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

      thank you dear anup singh for your prompt reply!
      i will surely go through the earlier posts as suggested by you.

      Thanks again.

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      • Re : Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

        Thanks Anup for the pic!! Is the other building in your picture one of the SRA buildings? How many floors does it have from the ground? It feels close from this angle, do you know how much the distance is between them?

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        • Re : Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

          Hydbuyer,
          the other building is not an SRA Building, SRA buildings are 20 stories high which can be seen on construction update of Altamonte Tower A on Omkars website

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          • Re : Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

            Originally posted by IPB2014 View Post
            Hello All,

            I am new to this forum, joined today! I am interested in the 3bhk D tower property at Omkar Alta Monte. Never heard about the builder so scared to invest. Does anybody know more about the builder's reputation? How is the project shaping up? What is the current rate for 3bhk in D tower? Are you guys sure that the builder will provide with all the amenities that they marketed?

            Thanks!

            Hello IPB2014,

            I have bought one flat in tower D off late. Rates are pretty low as compared to Lodha, raheja and Oberoi considering the kind of amenities Omkar is going to provide. I am from finance background and i know the fact that Omkar guys have got private equity funding of close to 300 cr from redfort capital. such fundings are done only after thorough due deligence. Guys like redfort capital will never invest in suleman and rehman developers

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            • Re : Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

              fully justified...............Liked the term "Suleman & Rehman Developers"..................

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              • Re : Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

                Thanks Anup for the awesome update.
                Even if Omkar completes 2 slabs in a month it would take them an year to build all the Habitable floors (22 floors more which means by Jan 2015 approx). They would have just 6 months then to the deadline (June'15).
                I discussed with couple of Omkar folks and they seemed confident of the timeline - Buyers cannot ask for more if that happens! and it would make Omkar stand out from other Builders who feel its their right to delay by 6/12 months.

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                • Re : Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

                  comparison

                  well said Number 8,
                  in fact i was checking my older post and have realized that since my post on 20th jan 2013 showing 4th floor and till today L&T has constructed 23rd floor for tower A.
                  which means in a year they were able to construct 20 floors (fire check floor included).
                  another 22 floors should be completed in a years time, even i see jan/feb 2015 where the top slab will be cast and say another 10 months for finishing.
                  BTW the finishing work on lower floors has already been started.
                  i wonder what do the seasoned critics of this forum have to say.........I wish sanjeev was still on IREF to witness this.
                  Attached Files

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                  • Re : Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

                    To answer a previously unanswered question on "penalties in case of project delays", I think Omkar folks have a penalty clause in their agreement, but it seems like a double-edged sword. The idea is that in the event of a delay (I think, beyond 6 months...) they will pay interest at 9%, and that interest will be calculated from the time they received the principle amount. So far so good... However, the catch is that if you avail of this interest, you will forgo your booking automatically, i.e. either you receive the principle + interest@9% and forget about your apt., or just suffer the delay.

                    This seemed a bit ridiculous to me (because the delay is builder's problem), but I guess, this is part of a standard clause in the MoFA act, which is implemented all across Maharashtra. In some other states, the standard idea is to pay a monthly penalty (equivalent to the rental rate) for every month of delay, without having to cancel the apt. booking. For people who have studied this a little more in the context of Omkar Alta Monte/ Maharashtra, could you confirm that the above understanding is correct? Thank you.

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                    • Re : Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

                      Hi Phd NRI you are mostly correct
                      the MOfA states that in event of delay and unsatisfactory progress you can demand a Refund of your money along with 9% interest from the Promoter/Builder. but if you are expecting 9% interest for delay in handing over, then that does not happen, nowhere in the history of real estate any builder has ever paid any interest to the buyer on delay
                      Mofa Act were formed way back in 1963 and should now be superseded by the Real-estate regulatory Bill.
                      attached image is of the Clause 8 of MOFA act for your further clarity
                      Attached Files

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