Omkar Realtors and Piramal Group ink Rs 3,000 crore JV to develop Mumbai’s iconic Dhobi Ghat project
In one of the biggest property deals in Asia, Mumbai-based Omkar Group, which enjoys market leadership in redevelopment, has entered into a Rs 3,000 crore joint development agreement with India’s leading diversified conglomerate Piramal Group to develop the iconic Dhobi Ghat project located at Mahalaxmi in Mumbai.
As per this joint development agreement, Piramal Realty (a Piramal Group company) will be investing Rs 2,600 crore for developing 2 million sq-ft of free-sale space and allocating an additional Rs 400 crore as deposit to Omkar Realtors. The JV has a 60:40 revenue sharing clause, whereby Omkar would be obtaining all approvals and constructing the rehab buildings, whereas Piramal Realty would handle construction and the sales of free-sale inventory.
According to Babulal Varma, MD, Omkar Realtors and Developers, “Our partnership with Piramal Group augurs well for qualitative and speedier redevelopment of Dhobi Ghat. The popular Dhobi Ghat would not only turn slum-free, but also boost Mumbai’s image.”
This premium project with four side roads, monorail, and metro connectivity, is closer to the CBD of Mumbai. Adding a full lifestyle quotient, it also shares proximity with the Mahalaxmi Race Course and Wellingdon Club, and offers a lifetime green and sea view from its location.
Dhobi Ghat is set to get a new sheen by freeing itself from the slum sprawl and encroachment. In what is perceived as ‘Dhobi Ghat 2.0’, about 4,000 slum tenements housing over 20,000 dhobi community members residing in surrounding slums have voluntarily come forward to make this site slum-free. The sprawling open-air laundry was built during the British Raj in 1890, and a part of the campus is also a world heritage site. Nearly 7,000 washermen spend 14 to 16 hours to wash over 1 lakh clothes every day.