Developed under the aegis of Maharashtra government’s slum rehabilitation scheme, this project will be housing approx. 16,000 slum residents in phases. The iconic Dhobi Ghat is one of the largest outdoor open laundries in the world with the majority of residents in vicinity engaged in laundry-based services. This project is spread across 12 acres of prime land in south Mumbai’s Mahalaxmi location and includes luxury housing overlooking the race course and Arabian sea.

The project, a joint venture, between Omkar and Piramal realty will primarily benefit dhobis and people in associated labour such as dyeing, drying, transportation, ironing etc. This project is situated more than 150 meters away from the heritage site, though retaining its natural charm.

The entire slum rehabilitation project has also set a qualitative benchmark for rehab development with the state of art construction, deployment of spaces for welfare centres, society offices and balwadis (education purpose). The 4-towered SRA project is also deploying 16 elevators of leading German brand Schindler; normally offered in premium housing only.

Omkar has been in the forefront in the slum redevelopment space. As a major player in the field, Omkar is working towards scaling up its high-quality deliveries. Recently, the company crossed the 3,000-houses delivery milestone at Omkar’s Bhoiwada (Parel-Sewri) project; in addition to delivering more than 16,000 houses in the SRA space over the past decade.
The annual turnover of the dhobi business is pegged at approximately Rs 125 crore annually with a major faction of residents associated with the laundry business for their livelihood. More than half of the new generation of dhobis have moved out of traditional family business.

With technological advancement and mechanization in the washing and drying process, the traditional dhobi way of washing clothes is getting obsolete. Dhobis are upgrading their skill sets in washing that require much lesser quantity of water and also decrease the chances of health hazards.

Also Read: Financial Institutions To Redevelop Stuck SRA projects

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By Varun Singh

Omkar Shirhatti who co founded Karza Technologies recently invested in Mumbai’s real estate.

Omlar bought a duplex in Carter Road, which is often referred as Bandra but falls in Khar.

The duplex bought by Omkar is located on the 1st Floor, Samarpan Building, Off Carter Road, Khar West and according to documents provided by Indextap.com, the deal was signed on July 25.

The seller of the duplex is Raghuleela Estates Pvt. Limited, the consideration paid by Omkar is Rs 47.7 crore.

The address that of Omkar in the documents revealed is that of Dombivali.

The total area of the duplex is 6,832 sq ft and he will have an access to three car parks in the building.

The stamp duty paid is Rs 2.86 crore for the registration of the apartment.

Recently Manoj H Modi, a close aide of Reliance Industries Chairman Mukesh Ambani, sold two apartments in Mumbai’s Vivaria building for a total value of Rs 41.5 crore.

Also Read: Manoj Modi sells 2 flats in Byculla for Rs 41.5 Cr

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This case will set a precedent, and also be a case law that will be spoken extensively in the real estate sector. The reason being, that Maharashtra Real Estate Regulatory Authority (MahaRERA) has held that a builder is responsible for representations made by a real estate agent to a homebuyer.

Earlier this month MahaRERA delivered a landmark judgement where homebuyers Aftab Shaikh and Nilofar Shaikh had approached the housing authority against, builders Glider Buildcon Realtors Private Limited and Omkar House.

There were multiple contentions of the home buyers including the one, that they invested in the property South Tower, located at Saat Rasta near Mahalaxmi station, on the representation made to them by the real estate agent that the project had a subvention scheme.

A letter of allotment was issued in August 2018 to the homebuyers for their booking of a flat measuring 1046.84 sq ft, carpet area in the building of which total consideration was above Rs 5 crore.

The homebuyers approached MahaRERA and they had many contentions, of which they mainly contended that believing the representation made to them that the said flat would be given under subvention scheme of 20:50:30 , they booked the flat, to which the developers subsequently denied by station that they cannot provide the subventions scheme. Hence, the homebuyers sought refund of the entire amount paid by them. The builder in this regard conceded that it never gave such commitment or advertisement to the homebuyers. However, the same was represented by the real estate agent.

MahaRERA noted, in the 14 page order, “Though the respondent no. 1 (Glider Buildcon) has not advertised that the project has subvention scheme, however, admittedly, the agent who acted an appointed by the respondent no. 1 has given such representation to the complainant (homebuyers). Since the agent acted on behalf of the respondent no. 1, for any such representation made by the said agent the respondent no 1 is responsible for the same. Admittedly, the respondent no. 1 has failed to provide the subvention scheme shown to the complainant.”

MahaRERA also noted that the homebuyers feel that they have been taken for a ride by the promoter, The complainants in this case are therefore entitled to seek refund for violation of RERA.

Dr Vijay Satbir Singh, Member-1, MahaRERA finally directed the builder to refund the entire amount paid by the homebuyers along with interest at the rate prescribed by RERA, i.e. Marginal Cost of Fund based Lending Rate (MCLR) of SBI plus 2% within sic months in the mitigating circumstance. The builder was also allowed to take benefits of mortarium period with regard to the payment of interest.

Adv Nilesh Gala who represented the complainants said, “The order is a landmark judgement, where promoters via their real estate agents give various commitments to flat purchasers, and thereafter promoter disowns these commitment. This order will bind the promoter who through their real estate agents make commitments Even under contract act, a principal is bound by the commitment made by the agent, this same analogy is applied by MahaRERA in this case.

Detailed emails sent to Glider Buildcon Realtors Private Limited and Omkar House got us no response.

Also Read: Maharashtra govt plans to redevelop Machchimar Nagar at Cuffe Parade

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By Varun Singh

Omkar Realtors on March 28, 2021 registered the sale of a total nine flats worth Rs 131 crore.

All the flats were sold to a single buyer and that too on the same day.

All these flats are located in the A and B wings of Omkar 1973 located in Worli.

The combined value of the nine flats sold by Omkar Realtors stands at Rs 130.99 crore.

The buyer of all the flats is Mirandum Realtors Ltd, another real estate related company.

A source close to the deal said, “The documentation in regards to the deals were carried out on December 30, 2020 when the stamp duty was 2%.”

The total area of the nine flats measure 2,968.43 square meters, which translates into 31,952 square feet.

Along with the flats, the buyer company will also have access to 25 car parks in the building.

Details Of The Nine Flats

Omkar Realtors refused to comment on the deal. The company has been in news off late for various reasons.

The chairman and the managing director of the company are arrested and a chargesheet already has been filed by the Enforcement Directorate.

Earlier another deal related to the same project had made news when, a top firm had sold for Rs 6.14 crore that it had bought for Rs 9.6 crore only nine months ago.

Also Read: Top Firm Sells Worli Flat For Rs 6.14 Cr That It Bought For Rs 9.6 Cr Only 9 Months Ago

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By Varun Singh

Omkar Group one of the leading developers in the city of Mumbai on Monday had the Enforcement Directorate (ED) at it doors.

The builder which carries out some of the big Slum Redevelopment Project issued a statement that called the ED visit as routine enquiry.

The statement read, “The routine enquiry carried out by ED at Omkar group today is a matter related to writ petitions filed by Surana Developers and litigation by Pradeep Kadam against Omkar regarding clubbing/de-clubbing of SRA scheme no IV Anand Nagar SRA CHS situated at F/North ward, with already approved clubbed scheme No 1.II.III.IV as per rules, regulations and policy of SRA.”

The developer further said, “In the said matter, the Bombay High Court (order dated 30/07/2020) refusing any relief to petitioner Surana asked them to withdraw the same and later (vide order dated 28/08/2020) also asked the litigant Kadam, a non eligible slum dweller in Anand Nagar SRA, acting on behest of Surana to approach the statutory body governing all SRA schemes, AGRC (Apex Grievance Redressal Committee).

The builder further claimed that AGRC body has already adjudicated (vide order dated 27/11/2020) allegations made by Pradeep Kadam are false and baseless and done with malafide intention.

According to the statement issued by the developer, “The order states that the appeal filed by appellant is devoid of any substance and merits and reliefs prayed in the present appeal are rejected.

The builder has also claimed that the allegations and issues raised by both petitioners were found to be baseless as Omkar has acted as per legal rules and regulations.

Omkar Group further stated that all matters pertaining to scheme, for clubbing/de-clubbing purpose, are carried out as per legal norms laid out by the state government.

Omkar also spoke on the Rs 450 crore loan from Yes Bank.

The developer has claimed that the bank loan is availed under banking guidelines as project loan against sale collateralsand utilised for the stated purpose only. We will like to emphatically state that there are no diversions of any project fund availed by us in any project of the company.

Finally the developer said, “We will also like to put on record that there is no injunction or any prohibitory order of Competent Court in this matter which in any manner affects the on-going development work related to the scheme and our SRA projects.”

Also Read: Sanjay Dutt Gifts 4 Bandra Flats Worth Rs 26 Cr To

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By Varun Singh

Yes heard it right, a developer was held liable by the Maharashtra Real Estate Appellate Tribunal (MREAT) for the promise made by its channel partner to the home buyer.

The case is that of Rekha Navani a home buyer who booked a flat in Lawns and Beyond Phase 2, Omkar International District located at Andheri for a total consideration of Rs 1.36 crore.

While booking the flat at an exhibition, the channel partner of developer allegedly promised that in case she is found ineligible for housing loan, the amount paid will be refunded. 

At the time of booking she paid Rs 1 lakh towards expression of interest (EOI) and Rs 6.95 lakh towards application fees. A Letter of Allotment was executed on December 5, 2017 following which a demand notice was also issued to Navani by developer to pay further amount as agreed.

However, as Navani could not procure loan from banks, she requested the developer to cancel the flat and refund the amount she paid. The developer returned Rs 1 lakh only and forfeited Rs 6.95 lakh.

Post which the home buyer approached MahaRERA where the matter was disposed off, the buyer then appealed to the appellate tribunal.

At the appellate tribunal, the developer’s advocate pointed out clauses from application form filled by home buyer. He stated, in the event of withdrawal/cancellation of booking or non-payment of balance application fees, the amount of application fees paid shall be forfeited. 

Further the counsel stated that in case of termination of allotment due to fault of buyer, builder is entitled to recover/forfeit amount equivalent to 10% of the total consideration of flat. 

The counsel stated “Accordingly, on account of cancellation of booking by Appellant, the builder was though entitled to actually recover Rs 13.6 lakh (10% of the total price) yet as against the said amount, only Rs 6.95 lakh have been forfeited as only that much amount was paid so far by the buyer.”

Further about the promise made by the channel partner to the buyer, the counsel for the developer stated, that the email sent by the channel partner was addressed to homebuyer and not the builder and hence has no relevance.

The appellate tribunal held, “The fact that channel partner was appointed by Respondent (developer) for booking the flat has not been categorically denied by Respondent. Therefore, Respondent cannot brush aside its liability arising out of the said promise.”

The tribunal further said, “Iin view of the obligation of Respondent to honour the commitment made by its channel partner on its behalf, the forfeiture of amount paid by appellant (home buyer) is erroneous and against the object and purpose of the Act which is enacted as a beneficial legislation to abate hardships of flat purchasers’.”

Finally the developer was directed to refund the balance amount of Rs. 6.95 lakh to the buyer, on or before August 31, 2020 failing which an interest @ 2% above SBI’s highest Marginal Cost of Lending Rate shall be payable w,e.f. September 1, 2020 till realisation of the amount.

Also Read: TATA housing directed to refund money to homebuyer

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