Slum rehabilitation specialist Omkar Realtors is in advanced talks with L&T Realty to jointly develop a 4.5-acre prime plot in the tony Bandra suburb at a cost of Rs 4,500 crore, sources close to the development said.
If the deal goes through, this will be the second venture of Omkar with L&T Realty, with the earlier being for the 17-acre redevelopment project in the Parel area of the city, called Crescent Bay.
Omkar is also developing one of the world’s largest slum rehabilitation projects in suburban Andheri area. According to sources, the project will be a mixed-use development and Omkar will take care of the slum rehabilitation, while L&T Realty will build the saleable component of the project.
They plan to launch the project this fiscal year itself, adding the cost of the project could be in the upwards of Rs 4,500 crore.
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