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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

    Originally posted by pareshns View Post
    Hi Guys,

    I have also finalized with Omkar for Tower B.

    Can you please add me to your whatsapp group as well.

    It is nice to get in touch with all all of you.

    Regards,
    Paresh Shringarpure
    Hi Paresh,

    I booked a flat in Tower B in September 2013. Can you please let me know what they have told you regarding possession?

    Thanks,
    Vivekth
    Last edited July 1 2015, 01:05 PM. Reason: Text Formatting

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

      Omkar Alta Monte vs JP Decks

      Hi,

      I have shortlisted JP Decks & Omkar Alta Monte, has anyone closed a deal recently, any idea whats the current negotiated price?

      I've posted a similar query in the JP decks discussion as well.

      Thanks in advance!

      Comment


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

        Hi Guys,

        I am a buyer of a 3 BHK in C Wing. However I had been to the sales office and they had informed me that they were
        supposed to give possession in March 2016 but it has been pushed back to December 2016. Can anybody confirm this? Also could you add me to the whatsapp group?

        Comment


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

          Originally posted by kumar1101959 View Post
          Hi Guys,

          I am a buyer of a 3 BHK in C Wing. However I had been to the sales office and they had informed me that they were
          supposed to give possession in March 2016 but it has been pushed back to December 2016. Can anybody confirm this? Also could you add me to the whatsapp group?
          Hi Kumar,

          Possible for you to share the negotiated price that you got and when did you close the deal, I am considering this & JP decks as the options to buy from.

          Thanks

          Comment


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

            hey guys

            Hi Shiru, Vivek & Kumar,
            sorry for replying so so very late, IREF does not allow to post our mailids or contact details, however you can send me or any one private messages after posting more than 10 post on iref. will get you connected to Whatsapp group too.
            good luck guys and refer my older post too to get your answers.

            Comment


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

              I have just joined this group as a new member. I am considering buying a flat in Tower B. I have been reading all the posts and information posted is very useful although it adds to the confusion. However it is better to be informed than otherwise. I will send a separate email to add me to the watsapp group. Thank you all for keeping the forum alive.

              Regards,
              Mani

              Comment


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

                Read the Earlier Cases from below


                In february 2014,It was reported that Omkar Alta Monte, Being developed by Omkar Realtors had acquired....


                Ghost letter busts SRA scam


                RTI query reveals SRA added nearly 100 names to slum dwellers list for Worli Naka project; inquiry ordered
                An RTI request sent in July this year by High Court Advocate Manoj O Singh has revealed what could possibly be another big scam in the already chequered history of the Slum Redevelopment Authority.
                Singh, who represents Samala Narsaiyya Ramulu and Narsavva Konka, who live in a slum near Worli Naka, wanted to check with the SRA why certain names had been included in a massive redevelopment project when the list was revised in 2012. The SRA’s response — which said that in 2013, they had received a letter from the Brihanmumbai Electrical Supply
                and Transport Undertaking ( BEST), saying that many of those who had been included in the second list had electric supply to their homes and establishments dating before 1995 — turned out to be based on a forged letter.

                Now, state housing minister Prakash Mehta has ordered an inquiry into the matter.

                The mystery letter This particular SRA project concerns three slum pockets now merged into one — Shiv Ganesh and Shiv Sainath Cooperative Housing Societies — near Worli Naka with 753 residents. Singh claims that the builder, Om Omega Shelters, falsely hiked the number of dwellers eligible under Development Control Rule 33 ( 10), in order to claim a larger building area. As per rules, the more the number of slum dwellers a builder rehabilitates in a new construction for free, the greater the FSI he gets to build a new building on the same land, which he is allowed to sell in the open market. Singh estimates that,
                in this case, Om Omega Shelters has managed to get somewhere close to 10,000 square foot extra, by including names of nearly 100 dwellers in the revised list.

                Showing Sunday mid- day the RTI responses he received, Singh states, that the SRA revised its original 2009 list, prepared by BMC ( which included nearly 500 eligible slum dwellers from the above mentioned co- operative societies), based on a letter from the BEST, which said that the new names were eligible.

                One of these letters ( a copy is with Sunday mid- day), is dated July 8, 2013, with the outward number of 1933 A. However, the BEST responded to Singh's RTI query, saying that this letter with the said outward number was issued to one Machindra Ghate, but had
                nothing to do with an SRA scheme, after searching through records between June 2012 and July 2013. In this period, there were two other letters allegedly sent to the SRA ( on December 7, 2012 and June 16, 2012) which also the
                BEST has denied sending.

                The letters that SRA received, then, must have been forged, alleges Singh.
                Considering that the current market rate in Worli is Rs 25,000- Rs 30,000 per sq ft, 10,000 sq ft will fetch a builder anywhere between Rs 25 to Rs 30 crore.
                Singh, who filed on official complaint in the matter in July, says, “ The whole project is nearly 10,000 square meters in area. The scam will also cost the government money. And it’s not just a case of one letter.

                There are many such letters that show that residents have been staying in the slum before 1995, although in reality, they got their electric connections only after 2000.” While in 2014, the eligibility of SRA schemes was pushed to residents of slums from 1995 to
                2000, this particular scheme was initiated earlier. Therefore, the need to prove residential status before 1995.
                Singh adds, " This shows that the society office bearers, officers in SRA and the builder were all hand- in- glove.” Passing the blame Sunday mid- day spoke to KC Sethi, the developer who had taken the redevelopment under the banner Om Omega Shelters. However, Sethi says, “ I had taken up the project four years ago. I handed it over to Parini, a real estate firm. Speak to Parth Mehta, its CEO. I have nothing to do with the project.” Yet, Mehta told us, “ Sethi is still a partner in the project, and will be till the time of realisation of his profits to the tune of 34 per cent. The annexure II [ the original list of eligible slum dwellers] was made even before we came into the picture.

                The whole process of eligibility of slum dwellers was conducted between the society and SRA authorities. We had no role in ascertaining eligibility of slum dwellers.” The chairman of the housing society, places the blame squarely back on the builders. Lavu Patekar says, “ Our societies went under redevelopment in 2012. There was an issue of eligible and ineligible slum dwellers. The builder told us that he would take care of this and those who were not eligible, would then become eligible. He had merely asked us for all our documents, which we handed to him.” Calls to Prakash Mehta and SRA chief executive officer Assem Gupta remained unanswered. The BEST spokesperson says, “ I will have to look at the documents as this is from the ward office and will carry out an in- depth inquiry. But this is possible only on Monday



                Last edited August 17 2015, 09:16 PM.

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

                  Click image for larger version

Name:	uploadfromtaptalk1440309511475.jpg
Views:	1
Size:	36.4 KB
ID:	2263033 Full page insert in today's TOI. Are the prices finally coming down?

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

                    In distress, developers sell flats in bulk at large discounts

                    To be sure, buyers will only stay with credible developers but the deeper the distress, the deeper will be the discount the developer must cough up.
                    Real estate firms, sitting on large inventories, find they have little choice but to offer deep discounts — anywhere between 20% and 40%.


                    Strapped for cash and struggling to find buyers, developers are offloading apartments in scores. And taking advantage of the situation, private equity (PE) funds and even high networth individuals are driving a hard bargain.

                    Real estate firms, sitting on large inventories, find they have little choice but to offer deep discounts — anywhere between 20% and 40% — but they need cash to complete projects. Gaurav Gupta, director, Omkar Realtors and Developers, confirms he is offering discounts for bulk deals explaining that off-loading apartments in bulk brings in cash flows that help him finish the project.
                    Kolkata’s Forum Project Holdings too has done a bulk sale to Piramal at its BKC project. Director Vidyut Saraf says that the advantage of money coming in up-front is that the developer is not loading debt or interest on to the project.

                    “Rather than selling the apartments to 10 different buyers over three years, I can get the entire money today by doing a bulk sale,” he explains.

                    Mridul Upreti, CEO, Segregated Funds Group, JLL India, which is looking to invest as much as R300 crore in such large deals, says he’s hoping for discounts of between 20% and 30%. Khushru Jijina, MD, Piramal Fund Management (PFM), too, is picking up apartments at an “attractive cost” such that he is able to generate an attractive risk-adjusted return over the holding period. “The strategy is to take advantage of the situation and create an aligned position with the developer. He can use the funds for construction and so will not be pressured to sell at an adverse price in a market where velocity is slow,”Jijina explains.

                    PFM had launched a specific fund with a R550-crore corpus for bulk buys last August. Recently, it invested Rs 125 crore across three transactions — Alta Monte project of Omkar Realtors and Developers’ in Malad, Mumbai, Forum Serendipity in BKC and another TVH Quadrant in Adyar, Chennai. PFM has another Rs 180 crore lined up to be invested in the purchase of bulk apartments in projects in Whitefield and Electronic City in Bengaluru, and suburbs of Thane and Kanjur Marg in Mumbai.

                    To be sure, buyers will only stay with credible developers but the deeper the distress, the deeper will be the discount the developer must cough up. An attractive price alone will give fund managers staying power and allow them to make good returns so they’re also taking care to structure the transactions efficiently. But they’re milking developers by lowering risks with an assured return built-in. “Funds are structuring these deals with a caveat of a minimum guarantee, anywhere upwards of 22% so it very much falls in the ambit of mezzanine finance,” explained Mudassir Zaidi, national director (residential), Knight Frank India. The responsibility of maintaining the asset till the time it is sold is at times that of the developer but at other times, the buyer might assume the obligation, Zaidi added.

                    Forum Holding’s Saraf admits that the terms and conditions put forward by the investors are tough. “The investor wants an assured minimum return at the time of exit, which could be 2-3 years down the line, failing we may have to buy back the stock. That’s a risk that we have to take,” he said. Saraf said he has managed to sell 65% of the project which has 95 luxury apartments.

                    Nevertheless, with unsold stock hitting the roof—-estimated at seven lakh units by Knight Frank across top eight cities in India—- developers have been painted into a corner since it could take as long as three to four years for the inventory to be cleared. Having made part of the expenditure, developers claim it is difficult for them to lower the price for all customers. Omkar’s Gupta claims, however, that individual buyers haven’t lost out since the price per sq ft at Alta Monte, is now Rs 16,000-16,500 per sq ft, and much higher than the Rs 14,500 per sq ft, when the deal with Piramal was struck. Indeed, Gupta believes the Piramal transaction has enhanced the value of the apartments. “Since there were fewer apartments left to be sold, once the bulk deal was done, the prices held and have actually appreciated,”.

                    That said, the fact that domestic funds are shying away from taking equity positions in projects signals low risk appetite. “Funds are not entering a project at the land acquisition stage since that would entail higher risks,”said Shashi Kumar, head (real estate investment advisory), Birla Sun Life Mutual Fund. The reaon for this is that a number of funds, which invested in 2006-2007, burnt their fingers barely recovering the principal. “They are therefore enforcing clauses to ensure a pre-determined return,” Kumar said.

                    Apart from Piramal, Aditya Birla Real Estate Fund and Blackstone have reportedly spent Rs 85 crore and Rs 175 crore, respectively, targeting bulk sales. While Birla invested in a Mumbai project being developed by Radius Developers, Blackstone backed Ozone’s Chennai project. Edelweiss also has an arm, which specifically scouts for bulk deals. Although FE could not independently verify the number of companies that are hunting for bulk-buyers, experts said, virtually all large players, especially ones that are reeling under unsold inventory pressure in the worst hit luxury segment, in particularly sluggish micro-markets such as south Mumbai are in the look-out for bulk-buying opportunities.

                    Last edited September 1 2015, 09:26 PM.

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

                      Piramal's Realty Fund to Exit Omkar's Worli Project for Rs 500 crore

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