Mumbai real estate: Ajmera Realty & Rustomjee Group partner for Bandra redevelopment project, aim Rs 760 crore GDV

Mumbai real estate update: Bandra residential real estate market has in the recent past seen many launches in the Pali Hill area of Bandra where the per sqft rate goes above Rs 1 lakh per sqft for the luxury apartments.

Ajmera Luxe Realty Private Limited (ALRPL) a joint venture between Ajmera Realty & Infra India Limited (ARIIL) and Keystone Realtors Limited (Rustomjee Group) on January 18 announced a redevelopment project in Bandra West aiming Rs 760 crore of gross development value (GDV).

Both companies will hold a 50 percent stake in the project and the project is aimed at delivery of premium luxury residential apartments with an estimated carpet area of approximately 1,30,000 sqft for sale, according to the statement issued by ARIIL.

Also read: Ajmera Realty secures redevelopment project for 4 societies in Mumbai's Borivali

“Our unwavering commitment to elevating aging housing societies into a contemporary residential asset class, offering our customers a premium lifestyle, remains a driving force. Positioned to seize the growing demand, we strategically diversify our portfolio across Mumbai's luxury landscape. The collaboration with Rustomjee in this Joint Venture for redevelopment marks a significant leap forward in fulfilling this commitment," said Dhaval Ajmera, Director – Ajmera Realty.

The core objective of this collaboration is to present a distinctive and premium offering in the upscale locale of Bandra. By leveraging the collective strengths of Ajmera Realty and Rustomjee, the JV aims to deliver a unique product that stands out in the market, the company statement said.

"This strategic joint venture will enable both companies to harness their respective capabilities, combining expertise and resources to fulfill commitment to excellence Bandra, being one of the most prestigious locations for homeownership, is poised to witness a surge in housing demand, further accentuated by concurrent infrastructure projects within the city, the statement added.

Also read: Rustomjee Group to develop projects in areas near bullet train, Mumbai Trans-Harbour Link projects

“At Rustomjee, we have been transforming locations into top preferences for discerning buyers. Bandra has been one of the key markets where we have delivered multiple marquee projects. This partnership with Ajmera Realty serves to reinforce our dedication to this mission. It establishes a symbiotic relationship benefiting the city, existing homeowners, and potential buyers alike," said Boman Irani, Chairman & Managing Director, Rustomjee.