Thursday, July 25, 2024

Rustomjee Group Secures Redevelopment Projects Worth Rs 1,200 Crore in Mumbai

On January 22, Keystone Realtors Limited, listed under the Rustomjee Group, disclosed its selection as the preferred developer for the redevelopment of Veena Nagar Co-operative Housing Society Limited and NeelKamal Ghruh Cooperative Housing Society Limited. The combined land area for redevelopment in Malad West, Mumbai, spans 12,120 square meters.

This redevelopment initiative, aimed at accommodating 342 existing society members, anticipates the sale of approximately 3.42 lakh sq ft of RERA carpet area. The expected Gross Development Value (GDV) for this project is Rs 1,200 crore, according to the company’s official statement.

Aligned with Rustomjee’s strategy to diversify its portfolio across various ticket sizes, this project aims to solidify the company’s presence in the thriving western suburbs of Mumbai, as per the statement. Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, expressed confidence in the society’s choice of Rustomjee Group, citing the brand’s expertise in redevelopment and commitment to delivering exceptional results. The projects reflect Rustomjee’s ongoing efforts in innovative and sustainable development, contributing to the evolution of urban landscapes.

The project is scheduled for launch in the upcoming calendar year. With these recent additions, Rustomjee has incorporated eight new projects in the current financial year, totaling a GDV of Rs. 7,000 crore, according to the company’s reports.

Earlier, on January 18, Ajmera Luxe Realty Private Limited, a joint venture between Ajmera Realty & Infra India Limited and Keystone Realtors Limited (Rustomjee Group), had announced a redevelopment project in Bandra West with an anticipated Gross Development Value (GDV) of Rs 760 crore.

Related Articles

Latest Articles