L&T wins Rs579 cr order from Omkar Relator
Realty player Omkar Realtors and Developers said it has awarded construction contracts worth Rs579 crore to L&T for three of its slum rehabilitation projects in the city.
According to sources, the three projects are located at Worli, Malad and Parel with the cost of construction being Rs137 crore, Rs268 crore and Rs174 crore, respectively.
"The decision to engage L&T is indicative of qualitative upliftment in executing slum rehab projects in the city. We want to break the myth that slum rehab projects are inferior in terms of construction compared to saleable projects in the open market," said Babulal Varma, director, Omkar Realtors and Developers.
Omkar, one of the leading players in the slum rehabilitation scheme and redevelopment segment in the metropolis is targeting to develop 20 million sq ft in the city by 2015, which would include a mix of residential and commercial development projects.