The largest slum redevelopment scheme in Mumbai—and possibly in India—is underway in the island city. Omkar Realty and Developers Pvt Ltd has tied up with Larsen and Toubro Realty, a subsidiary of L&T, to develop a Rs 7,000 croreplus residential project spread over a 17-acre slum sprawl in Bhoiwada, Parel.
L&T, which is the majority partner, will design, construct and market the highend luxury apartments with Omkar. The project will have 1,200 apartments spread over 3 million square feet in six towers, each 40-60 floors tall. Flats in this area are currently quoted at approximately Rs 15,000 a sq ft.
Omkar, which bagged the slum project, will rehabilitate slum dwellers residing in about 4,000 shanties free of cost in 269 sq ft (carpet area) flats in nine to ten buildings of 23 floors. With a floor space index of over 3 available in slum schemes, the plot has a developable space of over 5 million sq ft.
Under the slum redevelopment scheme, a developer can use the balance area to construct buildings to sell in the open market.
L&T, which is the majority partner, will design, construct and market the highend luxury apartments with Omkar. The project will have 1,200 apartments spread over 3 million square feet in six towers, each 40-60 floors tall. Flats in this area are currently quoted at approximately Rs 15,000 a sq ft.
Omkar, which bagged the slum project, will rehabilitate slum dwellers residing in about 4,000 shanties free of cost in 269 sq ft (carpet area) flats in nine to ten buildings of 23 floors. With a floor space index of over 3 available in slum schemes, the plot has a developable space of over 5 million sq ft.
Under the slum redevelopment scheme, a developer can use the balance area to construct buildings to sell in the open market.
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