Two cooperative housing societies in Malad (West), Mumbai, have selected Keystone Realtors Limited, also known as the Rustomjee Group, as their developer. The societies are Veena Nagar Co-operative Housing Society Limited and Neel Kamal Ghruh Co-operative Housing Society Limited. They collectively own a parcel of land measuring 12,120 square metres.
The redevelopment project is expected to generate a sale of 3,42,000 square feet of carpet area. The projected gross development value (GDV) of this project is INR 1200 crore. This project will also accommodate the rehousing of 342 existing residents of those societies.
This project aligns with Rustomjee's goal of building a balanced portfolio across various price points. It also strengthens the company's foothold in Mumbai's western suburbs. The project is slated to commence next year.
In another move, the Rustomjee Group and Ajmera Realty formed a joint venture to undertake a redevelopment project in Bandra West's premium neighbourhood. The anticipated GDV of this project is INR 760 crore. It will offer high-end, luxurious residences for sale. The carpet area for these apartments will be 1.3 lakh square feet.
In total, Rustomjee Group has included eight new projects to its portfolio in the current fiscal year, raising the total GDV to INR 7,000 crore.
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