Slum rehabilitation specialist Omkar Realtors is in advanced talks with L&T Realty to jointly develop a 4.5-acre prime plot in the Bandra suburb at a cost of Rs 4,500 crore, sources close to the development said.
If the deal goes through, this will be the second venture of Omkar with L&T Realty, with the earlier being for the 17-acre redevelopment project in the Parel area of the city, called Crescent Bay.
Omkar is also developing one of the world's largest slum rehabilitation projects in suburban Andheri area.
According to sources, the project will be a mixed-use development and Omkar will take care of the slum rehabilitation, while L&T Realty will build the saleable component of the project.
They plan to launch the project this fiscal year itself, sources told PTI, adding the cost of the project could be in the upwards of Rs 4,500 crore.
"Omkar is currently sitting on huge slum land parcels and is in the process of finding partners to not only monetise them but also create luxury residential projects by partnering with big names with the likes of Piramal Realty, Godrej Properties, L&T Realty, among others," the source said.
Earlier, Omkar had teamed up with Piramal for the Dhobi Ghat redevelopment project at Mahalaxmi spread across 12 acres. Recently, it also joined hands with Godrej Properties to develop a 4.25-acre plot in Bandra West.
The leading SRA developer is also close to entering into an agreement with Piramal Realty to jointly develop a 5- acre prime property in Mahim.
The agreements signed by Omkar in the recent past show their strategic shift towards joint development model where it can leverage its expertise along with that of leading names in the industry.
While Omkar could not be reached for comments, an email sent to L&T Realty remained unanswered.
Omkar managing director Babulal Verma had earlier said his company was focusing on joint development model by entering into joint ventures with prominent developers to execute large projects.
Property consultant JLL India's Karan Singh Sodi opined that the realty market is witnessing more dominance of corporate developers given the number of partnership agreements being signed in the recent past.