Rajendra Varma, Director, Omkar Realtors and DevelopersTransforming Mumbai's skyline seems to be the mantra for Omkar Realtors and Developers. Since its inception in the year 2003, the company has undertaken numerous commercial and residential projects across the city extending over an area of more than 20 million sq ft. Rajendra Varma, Director, Omkar Realtors and Developers, shares his views with CW on the company's projects, association with international architects, future plans and rise of ethical practices in the real-estate industry.Please elaborate on the major design features of your boutique residential project-Omkar Meridia. What was your vision behind such a development?Omkar Meridia has a beautifully designed, central landscaped garden and a boutique clubhouse with a waterfall in addition to a first-of-its-kind accu-therapy walkway. The design idea was to offer the elements of Singapore-type premium development in a moderate-sized plot in the heart of Mumbai.How economical is such a building in today's times where mass housing is the order of the day?In real estate, project feasibility is based on multiple factors with location being the key. Mass housing is important but purely linked to location, plot size and non-premium amenities, amongst other factors.  The Omkar Meridia project is positioned as a premium residential project according to current market dyna­mics and makes sound economic sense.Your target is to develop 20 million sq ft of residential and commercial projects over a five-year horizon. What will be your strategies to achieve this?Our aim is to deliver iconic residential projects that will set new benchmarks for an aspirational lifestyle. For this, our prime focus is quality and timely delivery. Considering our record pace of construction and the positive market response to our ongoing projects, financial discipline and the excellent track record we enjoy amongst all stakeholders, the timeline set for our mid-term goals will be met smoothly.Regarding our strengths in the construction space, Omkar's premium residential project Alta Monte, located on the Western Express Highway in Malad East, is being constructed by Larsen & Toubro (L&T). We work with the best in business as most of our construction contracts including redevelopment are being handled by L&T. For this project, the company has deployed a 3,500-strong labour force, which has enabled fast-track construction to deliver this premium residential project ahead of its timeline. Also, the project has been engineered by modern technology with use of fully automated jump formwork system coupled with quick deck shuttering system. While enhancing the production quality, this non-conventional technology reduces construction cycle time by a substantial margin of about 30 per cent compared to the conventional construction cycle. While a conventional system of construction would take a 15 day slab-to-slab cycle, the deployed technology hardly takes seven days. High quality and aesthetic quotient is also reflected in the use of the latest finishing material for both interior and exterior work. The Alta Monte project has been architecturally designed by Callison (USA), while the consultant for the engineering work is CBM Engineering (USA).How has your experience been in developing the slum rehabilitation project Om Arcade? What are the challenges faced in the execution of such projects?Om Arcade was a mixed-use project completed in 2006. The 85,000 sq ft project located in Dadar is a G+7 structure with 85 rehab units. It happened to be one of our earlier redevelopment projects. The challenges in such projects are manifold with the primary challenge being the trust deficit between residents and the developer. In case of Omkar,  timely and qualitative deliveries right from the inception of the business have ensured goodwill with all stakeholders. Our end-customers have implicit confidence in our execution capability owing to our successful track record in the redevelopment market.Your upcoming project in Worli marks the entry of renowned architects Foster +Partners in India. How would you compare their designs to Indian architects?It's a privilege to have Foster + Partners on board as they are also debuting in Mumbai's ultra luxury residential space with our Worli project. Omkar is clearly focused on the uppermost premium segment of the market, where these architects have a great deal of expertise. The initial concept for the Worli project started with the idea of the traditional courtyard of Indian palaces and how this might be reinvented to create the 'palace in the sky'. This idea evolved in close collaboration with our design team into a series of apartment types, each with a courtyard or sky garden at its heart. The result is a sequence of uplifting, enjoyable spaces that enable indoor-outdoor living, even at 300 m above ground. Any comparison would not do justice to Fosters' body of work.Considering the impressive line-up of your projects, how hard is it for you to acquire land?We have a strong land bank inventory to meet our estimated targets over the next five years. Having achieved the leadership position in the redevelopment segment based on a positive track record, our market goodwill ensures a steady build-up of our land inventory.What are the funding options available and what's your debt position?In case of Omkar, all funding options are available spanning private equity fund, pre-sales, construction loan, HNI investment, etc. Our debt position is about Rs 1,500 crore.What changes can be implemented by the government to tackle project delays owing to lack of approvals?As a remedial measure, the government should accord priority to redevelopment projects for approvals and define timelines for various approvals required to expedite projects.Projects in Tier-II and -III cities are gaining new ground. Do you plan to venture into these markets?Currently, our business is confined to Mumbai. But very soon, we will be looking at regions, adjoining MMR, where there is good demand for mid-income housing.Over the years, the real-estate industry is witnessing a positive change with many builders insisting on ethical practices in their operations. Your comments...Like any other industry, the real-estate business is fast evolving professionally and will continue to do so. We are witnessing a maturing market and the dawn of corporate governance amongst selected realty firms. It's high time we accord it a industry status.Where do you see the industry headed in future? What are your plans to leverage future growth?Real estate continues to be one of the fastest growing sectors of the Indian economy. The industry size is currently pegged at about $50 billion; contributing more than 5 per cent towards the country's GDP. It will continue to play a pivotal role in the country's economic growth. Over the next few years, our main priority is to deliver iconic residential projects in the city of Mumbai.Fact sheetYear of establishment: 2003Top management: Kamal Gupta, Chairman; Babulal Varma, Managing Director; Rajendra Varma, Devang Varma, Vikas Gupta and Gaurav Gupta, DirectorsNo. of employees:  500 Centre of operation: Mumbai Ongoing projects: Omkar Alta Monte (Malad), Omkar Meridia (Bandra), Aloka (Dadar), Woodside (Dadar), The Summit, Business Bay (Andheri ), Raga (Chembur), Vayu (Mahim), Veda, Crescent Bay (Parel) Upcoming projects: Premium residential project (JV) in Bandra and residential project in Goregaon (East)Completed projects: Mixed-use: Deep Residency (Parel), Om Arcade (Dadar), Om Gopal (Dadar), Om Annexe (Dadar); Residential: Om Niketan (Mulund), Om Residency (Parel), Ambedkar Nagar (Parel)Commercial: Omkar Esquare (Sion); Business Bay Summit (Vile Parle)Turnover: About Rs 400 crore (2012-2013)\To share your feedback on this interaction, write in at feedback@ASAPPmedia.com