Developers raise Rs 244 crore in debt fund for OMR mall

OMRD is a special purpose vehicle promoted by landowner Mukrim Habeeb and family, developer Allied Investments and Housing (P) Ltd, which is undertaking the construction of Marina Mall, and co investors Syed M Salahuddin and Syed Abdul Cader. 

The Marina Mall’s space includes a hotel and a tentative space for a residential property as well. Developers will share 33% stake and remaining 67% share will be taken by the landowners. The project is expected to be completed in 8-10 months.

The mega project costs Rs 450 cr. Mukrim Habeeb, said, “This funding will help fast track the development of our mall at Chennai, which we expect to become a retail hub.” The mail is a part of a larger mixed-use project being developed on a 6.2 acre land parcel.