Omkar Realtors
| Private | |
| ISIN | 🆔 |
| Industry | Real Estate & Construction |
| Founded 📆 | 2003 |
| Founders 👔 | Babulal Varma[1][2] |
| Headquarters 🏙️ | , Mumbai , India |
Area served 🗺️ | Mumbai Metropolitan Region |
Key people | Babulal Varma (Managing Director),[3][4] Devang Varma, Kaushik More, Gaurav Varma, |
| Products 📟 | Residential, Commercial |
| Members | |
Number of employees | 400 and growing |
| 🌐 Website | [Lua error in Module:WikidataIB at line 665: attempt to index field 'wikibase' (a nil value). ] |
| 📇 Address | |
| 📞 telephone | |
Omkar Realtors is a company founded in 2003 by Babulal Varma, which deals in construction and redevelopment.[1][3] In the initial 10 years, the company redeveloped around 2.5 million square feet of space in Mumbai. The company was started by Babulal Varma in 2003.[5] Omkar 1973, Omkar Vive, Sereno, Omkar Alta Monte are some of the projects of Omkar Realtors and Developers.[3] Omkar Realtors has the vision to make Mumbai slum-free as early as possible, as according to a UN report, it is one of the most densely populated cities in the world.[5]
Awards
- CSR Initiative of the Year 2016[6]
- India's Best Luxury Project of the Year, India's Best Realty Brands Awards Asia Pacific 2016[6]
- Slum Rehabilitation Developer of the Year 2016[4]
- Super Luxury Project of the Year 2016’ for Omkar 1973, Worli[6]
- Sword of Honour Award for 2016 by the British Safety Council for its flagship project Omkar 1973, Worli[6]
- Omkar Realtors Bags Award For 'Significant Contribution In Slum Rehabilitation Work'
Controversy
In 2021, two of the company’s key promoters were accused and arrested by the Enforcement Directorate (ED) in a PMLA matter pertaining to misuse of a Rs 410-crore construction loan procured from Yes Bank for one of the company's housing projects. In 2022, the special PMLA (Prevention of Money Laundering Act) court dismissed and honourably discharged the Omkar promoters, pointing out that the action taken by the Enforcement Directorate (ED) against them was vengeful in nature and lacked a scheduled offence.[7]
References
- ↑ 1.0 1.1 "How Omkar Cracked The Messy Business Of Slum Redevelopment". Forbes India.
- ↑ "Can't join hands with a vengeful complainant like ED, says court as it discharges duo held in PMLA case". The Indian Express. 24 August 2022.
- ↑ 3.0 3.1 3.2 Bundhun, Rebecca (3 March 2016). "Supertall Buildings Lure Mumbai's Elite". The New York Times.
- ↑ 4.0 4.1 "Omkar talking to L&T Realty for Rs 4,500 crore Bandra SRA project". The Economic Times. 8 May 2019.
- ↑ 5.0 5.1 "Babulal Varma, Managing Director of Omkar Realtors and Developers". The CEO Magazine.
- ↑ 6.0 6.1 6.2 6.3 "Top Builders & Real Estate Companies in Mumbai - Omkar Realtors & Developers". www.omkar.com.
- ↑ "Special court discharges city builders in money-laundering case". Hindustan Times. 24 August 2022.
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