Omkar Realtors raising Rs500 crore in private equity

Omkar Realtors and Developers Pvt Ltd, the Mumbai-based realtor, is raising around Rs400-500 crore from private equity firms to part-fund projects.

Deepak Mishra, head of sales and marketing and spokesperson for Omkar, admitted talks are currently on, but refused to divulge details.

The placement will be at the entity level and the company will offload ‘minimum stake’.

“We have a very good credit pipeline with banks and financial institutions. We have already tied up over Rs1,000 crore from them. So I don’t really need to offload a large stake.

Secondly, most of our assets will be unleashed only in the next two to three years thus it is in our interest to divest a minority stake as a benchmarking process,” said Mishra.

The closely held Omkar posted a turnover of Rs262 crore last year and the company expects to grow nearly 40 times to Rs10,000 crore in the next 3-4 years.

“That’s our internal target,” Mishra said.
Omkar has delivered 2 million square feet of residential and commercial space in the recent past and has a pipeline of nine projects in Mumbai.

In all, the realtor has 20 million saleable square feet under various stages of development of which half will be launched this calendar year.

Its marquee projects in Mumbai include a residential and commercial development in Worli on the erstwhile Crest House land.