Ozone Group to raise about Rs.200 crore to fund its first Mumbai project

Q: Bengaluru-based real estate company Ozone Group is raising about Rs.200 crore in the next one month through a mix of private equities and debts to fund its first residential project in Mumbai

Rajiv,

2nd November 2015

Real estate News in Mumbai

mumbai real estate

residential project in mumbai

ozone group

k mordani realty pvt ltd

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Replies (4)

Right Krupa,
Ozone Group is currently developing a 42-acre township Metrozone in Chennai. It is also in the process of delivering phase-3 of its 160-acre project located in the suburbs of Bengaluru. Overall, the company has more than 10 million sq-ft under construction.

Venu Gopal, Chennai

4th November 2015

Comment

Hi all,
I am sure that entering the Mumbai real estate market will strengthen the brand image and visibility of Ozone Group in the long run. The company is currently looking for some more partnerships with focus on building small size projects as it can generate faster cash flow compared to the larger ones with longer periods.

Krupa Vasavaraj, Bangalore

3rd November 2015

Comment

Right Krupa,
In Mumbai, the project will have a total saleable area of 120000 sq-ft. It is expected to be launched in the next 3-months. The project is expected to be completed in the next 3-yrs. It will be sold between Rs.2.5 crore and Rs.2.7 crore per unit.

Gurmeet,

2nd November 2015

Comment

Yes,
And the company is expecting to generate revenue of around Rs.300 crore from this township project.

Mumbai is the 2nd largest real estate market in India in terms of sales, after Bengaluru. The city generated around Rs.340 billion worth of sales between January 2013 and December 2014.

Praveen Modi, Mumbai

2nd November 2015

Earlier this year, Prestige Enterprise Pvt. Ltd and Purvarankara Projects Ltd announced plans to enter Mumbai in a bid to enter India's largest real estate market.

As per the company, This fund will be raised through a combination of non-banking financial companies (NBFCs) and private equity.

Gurmeet,

2nd November 2015

@Gurmeet,
There is a simple reason behind it. This city has become a natural choice for many real estate firms as it provides different micro markets serving to various budget segments. It is one of the most strong markets as compared to other cities. In many ways it is similar to Bengaluru. It is cosmopolitan, has similar IT Sectors and has always been a seller's market. If the properties are priced well and the surety for delivery is there then there must be sales.

Praveen Modi, Mumbai

2nd November 2015

I heard this news yesterday evening. The company has entered into a JV with Mumbai-based K Mordani Realty Pvt. Ltd. to develop a residential building of more than 100 units near Bandra-Kurla Complex.

Gurmeet,

2nd November 2015

Comment

Do you know that in the last one year, Ozone Group has raised more than Rs.1000 crore from private equity firms such as Piramal Fund Management Pvt. Ltd and Aditya Birla Realty Fund. They used raised funds primarily in financing its two township projects in Bengaluru and Chennai.

Krupa Vasavaraj, Bangalore

2nd November 2015