No announcement yet.

Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai


Omkar Alta Monte by Omkar Realtors in Malad East, Mumbai

Last updated: March 4 2021
1294 | Posts
334661 | Views
  • Time
  • Show
Clear All
new posts

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

    Hi, I am an Omkar Altamonte Buyer. Let this be the thread used by Omkar Altamonte Buyers. Let us get together and appraise each other of all the new developments / concerns about OMKAR ALTA MONTE MALAD EAST MUMBAI.

    Is the Project delayed or is it on Time? Is the Builder Reliable?

    Omkar Alta Monte - residencies overlooking the Sanjay Gandhi National Park, where the most unbelievable conveniences perch themselves gracefully at your doorstep, in abundance. Make every moment a moment of joy; discovery; ease and ethereal beauty. So why can't you walk into this beautiful place and indulge in life, rather than merely live it? Of course, you can.
    Last edited September 22 2016, 01:27 PM.

  • yogeshraja
    Mumbai: MahaRERA asks Omkar Realtors to compensate homebuyers for delay in possession of flat

    Free Press Journal

    05:19 PM Mar 03, 2021 | Sweety Adimulam

    Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA), Mumbai has bestowed big relief to two homebuyers of same family by entitling them compensation through interest payment on their invested amount over delayed possession of their booked apartment in a luxury project--Alta Monte and Signet at Malad.

    The regulatory authority, however, also justified that since the project is nearing for completion and paying interest at this juncture may affect project completion. Thus, liberty has been granted to builders to adjust the interest amount along with the outstanding dues payable by the homebuyer to prevent any jeopardy.

    The homebuyers named Reza Massah and Aparna Massah had purchased a flat at consideration amount of Rs 1,74,58,000 in a realty project named "Alta Monte and Signet" located at Malad of M/s Era Realtors Pvt Ltd and M/s. Omkar Realtors & Developers Pvt Ltd. Era Realtors is Omkar group company.

    They registered agreement for sale on March 17, 2017, and paid an amount of Rs 36,03,033. The homebuyers through advocate Godfrey Pimenta contended that as per the said agreement, the builders were liable to handover possession of the flat on/before March 31, 2019, with further grace period of 12 months i.e. till March 31, 2020. But, till date the possession has not been handed over to them. Following which, they have approached MahaRERA seeking relief.

    While the advocate Namrata Powalkar on behalf of builder contended that homebuyers have paid less than 20 per cent of the amount and if the reliefs are granted, the entire project will be affected and other homebuyers will also suffer loss. The project will be completed by December 31, 2021 and the possession of flat would be handed over by then.

    It further argued that project got delayed mainly due to delay in obtaining all the permissions and approvals from competent authorities since the project is being developed under the slum rehabilitation scheme. Several litigations filed by the slum dwellers causing delay. A sit-in protest was also held by non-eligible slum dwellers. Besides this, economic downturn and demonetisation, change in development plan(DP) rules impeded the project.

    After hearing both the parties (complainants & builder) the regulatory authority member Dr. Vijay Satbir Singh, in the order copy remarked the reasons cited by the builders are non-satisfactory. It further mentioned that having sound knowledge in the real estate sector, the builders were fully aware of the market risks when they launched the project and signed documents committing the date of possession with the homebuyers. Moreover, if the permissions were not granted by the competent authority, they would have approached appropriated authority including court of law but no step was taken. Also, the homebuyers were not informed about the delay/offered any refund. Hence, now it cannot take advantage of the said reasons of delay.

    Leave a comment:

  • yogeshraja
    Indiabulls Housing reschedules Rs 600 crore Omkar Realtors' project loan

    Omkar Realtors also enters into Rs 545-crore construction barter deal with contractors taking the financial restructuring value to over Rs 1,100 crore.

    MUMBAI: Non-banking finance company Indiabulls Housing Finance has rescheduled a Rs 600-crore loan extended earlier to Omkar Realtors & Developers’ residential project Omkar Alta Monte in Malad suburb of Mumbai, said three persons with direct knowledge of the development.

    In one of the largest debt resolution exercises, the developer has also entered into a Rs 545 crore agreement with vendors including contractors to barter future construction work related dues against the inventory, taking the value of this inancial restructuring to over Rs 1,100 crore.

    Interestingly, this is the first such restructuring in the country wherein stakeholders including financier, homebuyers and vendors have come together to resolve the financial hurdles for the project that had run to rough weather last year.

    The project, one of the biggest residential developments in Mumbai, was scheduled to be delivered back in 2018 but has been facing uncertainty since mid-2019. The development was hit by a major cash flow challenge post NBFC crisis coupled with a bearish market and onslaught of Covid19 pandemic and had put the fate of around 1,000 homebuyers in limbo.

    The combined efforts of all stakeholders have saved the project from getting entangled into any legal imbroglio that could have put a question mark on the project’s future as was seen in other major cases such as Amrapali and Jaypee Infratech.

    As part of the rescheduling, Indiabulls Housing Finance has also received mortgage of an additional 5-acre plot from the company. The developer had drawn Rs 600 crore from Indiabulls Housing Finance out of Rs 1,000 crore sanctioned loan.

    ET’s email queries to Indiabulls Housing Finance and Omkar Realtors remained unanswered until the time of going to press.

    Following the restructuring with all stakeholders, the developer now aims to complete and deliver two towers in Alta Monte consisting of around 830 apartments including unsold inventory and 580 apartments in new project Signet within the revised RERA timelines. The first phase of the project with two towers was already delivered three years ago.

    The Rs 5,000-crore, four-towered redevelopment project, designed as the city's tallest residential towers bunched together, had also added another mid-income residential project Signet in its 5-acre plan in mid-2017. The projects’ second phase of completion consisting of 990 apartments holding a market value of over Rs 2,000 crore had run into issues despite achieving a financial closure.

    While the developer has already delivered two of the four towers in Alta Monte in 2018, remaining towers and the new project with around 580 apartments in the same layout will now be delivered starting mid-2021 as per the revised RERA timeline. One of the towers The new project Signet was fully sold out with a balance around 10% inventory now earmarked for construction barter agreement.

    Omkar Realtors, which is known for slum rehabilitation projects in Mumbai with some of the prime land parcels in the city, has been working on new business structures to reduce risk and overcome funding challenges. It has entered into alliances with Godrej Properties, L&T Realty and Piramal Realty for jointly developing major redevelopment parcels across Mumbai.


    Leave a comment:

  • yogeshraja
    Female bouncers ‘threaten’ residents of Malad society

    Read more at:

    Last edited January 27 2021, 08:21 PM.

    Leave a comment:

  • yogeshraja
    Enforcement Directorate raids Omkar Group for 'financial irregularities'

    Omkar is into premium housing and its project in Worli has top bankers and cricketers as customers.

    The Enforcement Directorate on January 25 searched 10 premises belonging to Omkar Group, the largest slum rehabilitation company in Mumbai.

    The raids by the central agency that looks into economic offences were conducted after several banks complained of alleged financial irregularities by the company, sources told Moneycontrol.

    Omkar Group, which is the largest real estate player in the slum rehabilitation segment, constructs premium housing. Its project in Mumbai's Worli area has top bankers and cricketers as customers.

    Reacting to the Enforcement Directorate’s searches at its premises, Omkar Group called it a ‘routine enquiry’ and said the matter pertained to certain writ petitions.

    The routine enquiry carried out by ED at Omkar group today is a matter related to writ petitions filed by Surana Developers and proxy litigation by Pradeep Kadam against Omkar regarding clubbing/de-clubbing of SRA scheme no IV Anand Nagar SRA CHS situated at F/North ward, with already approved clubbed scheme No 1.II.III.IV as per rules, regulations and policy of SRA, the company said in a statement. In the said matter, the Bombay High Court (order dated 30/07/2020) refusing any relief to petitioner Surana asked them to withdraw the same and later (vide order dated 28/08/2020) also asked the proxy litigant Kadam, a non-eligible slum dweller in Anand Nagar SRA, acting on behest of Surana to approach the statutory body governing all SRA schemes, AGRC (Apex Grievance Redressal Committee), it said.

    AGRC body has already adjudicated (vide order dated 27/11/2020) allegations made by Pradeep Kadam (proxy litigant for Surana) are false and baseless and done with malafide intention. The order states that the appeal filed by appellant is devoid of any substance and merits and reliefs prayed in the present appeal are rejected. All allegations and issues raised by both petitioners were found to be baseless as Omkar has acted as per legal rules and regulations, it claimed.

    The management of Omkar Group would like to emphatically state that such baseless allegations are an attempt to create confusion and create hurdles in the implementation of SR schemes by approaching various authorities, it said.

    All matters pertaining to the scheme, for clubbing/de-clubbing purpose, are carried out as per legal norms laid out by the state government. The matter raised by the petitioner in regards to a Rs 450-crore loan from Yes Bank is availed under banking guidelines as project loan against sale collaterals and utilised for the stated purpose only. We will like to emphatically state that there are no diversions of any project fund availed by us in any project of the company, the statement said.

    “We will also like to put on record that there is no injunction or any prohibitory order of Competent Court in this matter which in any manner affects the on-going development work related to the scheme and our SRA projects,” it said...

    Omkar also spoke on the Rs 450 crore loan from Yes Bank.

    The developer has claimed that the bank loan is availed under banking guidelines as project loan against sale collateralsand utilised for the stated purpose only. We will like to emphatically state that there are no diversions of any project fund availed by us in any project of the company.
    Last edited January 27 2021, 08:06 PM.

    Leave a comment:

  • yogeshraja
    ED Raids 10 Locations In Mumbai, Including Offices And Residences Of Omkar Group

    Watch Video

    ED arrests Omkar Group Chairman Kamal Gupta and MD Babu Lal Verma in Rs 22,000-cr slum rehabilitation fraud case

    To be produced before special PMLA court on Thursday; arrests come in wake of raids conducted on 10 Omkar group premises.

    The Enforcement Directorate has arrested Omkar Group Chairman Kamal Gupta and Managing Director Babu Lal Verma in connection with the Rs 22,000 crore slum rehabilitation fraud case.

    Omkar group is alleged to have taken thousands of crores in loans from several banks, including an exposure of Rs 450 crore from Yes Bank, for the slum rehabilitation project.

    On Monday, the Enfrocement Directorate (ED) began conducting raids at 10 premises belonging to the Omkar Group. The raids went on until Wednesday morning.

    Sources told Moneycontrol that a large number of incriminating documents had been recovered from the offices and residences that were searched by ED officials.

    Babulal Verma and Kamal Gupta were brought to the ED office on January 27 afternoon and questioned.

    Sources said the two had not been cooperating with the probe and so their custodial interrogation was required.

    A source told Moneycontrol that Gupta and Verma will be produced in the special PMLA court on January 28.

    The Omkar group was under investigation by the Mumbai police's Economic Offences Wing as a petition had been filed in 2019 against the Omkar Group and Golden Age group of Companies in the Bombay High court. The petition alleged that the two firms had indulged in forgery of documents, creating false documents in the name of slum-dwellers.

    The petition also alleged that Omkar group officials were helped by officials from the Slum Rehabilitation Authority (SRA) in getting the Letter of Intent (LoI) for development of the project. They allegedly used this LoI to get loans amounting to around Rs 22,000 crore from various banks.

    Omkar group is one of the largest real estate outfits in Mumbai, dealing mainly in premium real estate projects in the city's suburbs. It is best known for the iconic Omkar 1973 project in Worli, in which many high-profile people have bought flats. Omkar Group is the largest real estate company in the SRA project.

    ED raids 10 premises of Omkar Group for irregularities in SRA projects

    The group also diverted money amounting to Rs 450 crore taken by way of loan from Yes Bank.
    The Enforcement Directorate on Monday conducted raids on 10 premises belonging to Omkar Group, one of the leading builders in Mumbai.

    The group is alleged to have misused various permissions given under the Slum Rehabilitation Authority (SRA) schemes, sources told CNBC-TV18.

    The group also diverted money amounting to Rs 450 crore taken by way of loan from Yes Bank, the sources said.

    Persons named in this case are Babulal Verma and Kamal Kishore Gupta, the sources added.

    Raids were conducted at seven residential and three commercial buildings.

    Mumbai: ED raids 10 premises of Omkar Group in money laundering case

    The group, one of the leading builders in Mumbai, is alleged to have committed a fraud worth Rs 22,000 crore under Slum Rehabilitation Authority (SRA) schemes

    he Enforcement Directorate on Monday conducted raids at 10 premises of Omkar Group in connection with a money laundering case. The group, one of the leading builders in Mumbai, is alleged to have committed a fraud worth Rs 22,000 crore under the Slum Rehabilitation Authority (SRA) schemes.

    The raids were conducted at seven residential premises and three office premises of Omkar Group and Managing Director Babulal Verma and Chairman Kamal Kishore Gupta...

    Senior ED officials said the group allegedly misused various permissions given under SRA schemes. The group is also alleged to have diverted around Rs 450 crore taken as loan from Yes Bank. The Yes Bank case is under investigation by the ED after the arrest of co-founder Rana Kapoor last year. The Bombay High Court on Monday rejected Kapoor's bail plea in the case...

    A petition had been filed in 2019 at the Bombay High Court against Omkar Group and one Golden Age group of Companies mentioning that the two firms had forged documents in name of slum dwellers and in collusion with the Slum Rehabilitation Authority (SRA) obtained the Letter of Intent (LoI).

    With this LOI, the two companies secured loans worth Rs 22,000 crore from various banks for redevelopment in Jogeshwari area of north western Mumbai. The two companies, however, didn't have the required government permission for the project.

    Speaking to India Today, advocate Tanveer Nizam, representing the petitioner, said, "They borrowed/raised funds from the banks/financial institutions for the development project mooted purportedly for the benefit of the slum dweller even before they were issued LOI (Letter of Intent). The LOI to Omkar Developers was issued only on January 19, 2017. Also, they raised funds from the market by giving security of the properties for which they did not even have permission at the time of applying for the loan. The said land cannot be mortgaged or given as a security to anyone without written permission/NOC from the government."

    "Omkar Group of Companies are blacklisted by RBI as well as Finance Ministry and is indulging in fraud with public money. Even a plot reserved for a school has been shifted out maliciously. In fact, a tract of land reserved for a police station was also mortgaged to IDBI Trusteeship Services Limited," Nizam further said.
    Last edited January 27 2021, 08:07 PM.

    Leave a comment:

  • abasiabasiabasi69
    Residents of Tower A, are you able to hear any construction noises or highway noises in your flats? I was thinking of renting a flat there

    Leave a comment:

  • MANOJa
    Please note -

    Personal Information
    Do not post personal information, such as full names, email addresses, numbers, or home/business name/addresses on the forum. If you feel the need to disclose this information, do it in a private message. Posts containing personal information will be deleted. Revealing real world information about a member, administrator or moderator is STRICTLY PROHIBITED, regardless of the source, public or private. This includes any information about a forum member that reveals an individual's legal name, address, occupation or other sensitive or personally identifiable information.

    Leave a comment:

  • ravalg
    commented on 's reply
    Only Towers A & C are ready to move in

  • markitnow
    Originally posted by ravalg View Post
    Today had call CM for Tower B and they are saying that work will start by May 2020.

    I am now really worried . Is anyone planning to take legal action against them them let me know as I would be doing it in June.
    I just checked online and it shows ready to move in but you have mentioned that work has not been completed. Which towers are ready-to-move in Omkar Alte Monte?

    Leave a comment:

Have any questions or thoughts about this?