Omkar Realtors sells nearly Rs 400 cr worth flats to NRIs in FY18, opens offices in Dubai, Singapore

NEW DELHI, Sept 1: Mumbai-based Omkar Realtors on Saturday said the company sold nearly Rs 400 crore worth properties last fiscal year to NRIs and it has opened own office in Dubai and Singapore to cater to demand rise.
The company plans to open offices in the US and London property markets as well to achieve the targeted sales booking of Rs 450 crore this fiscal year.
“Sales to NRIs (non-resident Indians) contribute about 20 per cent of our overall sales bookings,” Omkar Realtors Senior Vice President Rahul Maroo said.
He said the NRIs from UAE and Gulf Cooperation Council (GCC) contributed to almost 60 per cent of overseas sales bookings while the balance 40 per cent were booked by NRIs from Singapore, the US, Hongkong and the UK.
“We have opened our own offices in Dubai to cater to UAE and GCC NRIs and Singapore for NRIs in Hongkong and Jakarta,” Maroo said.
He said the company expects sales bookings of Rs 450 crore this fiscal from NRI community.
“We will soon open our own offices in the US and London,” he said.
Maroo said the company invests about 2 per cent of its revenue from NRIs sales on administration and marketing expenses in international regions.
Maximum sales are happening in three projects — Alta Monte Malad East, Omkar Lawns & Beyond, Andheri and Omkar Sereno, Andheri.
Omkar Realtors has so far delivered 15 projects in Mumbai and is currently developing another six. It is targeting to complete 20 million sq ft area by 2018 in Mumbai and has additional 40 million sq area in pipeline.
The company has rehabilitated more than 60,000 slum dwellers in Mumbai under the Maharashtra government’s Slum Rehabilitation Authority (SRA) housing scheme. (AGENCIES)