Rustomjee arm in pact to develop 12-acre land parcel in Thane

File image of Thane (Image Souce: WikiMedia Commons)

Rustomjee Group, through one of its arms Keyblue Realtors,  has entered into a development agreement with local owners of a 12-acre land parcel in Thane district, registration documents accessed by CRE Matrix showed.

Stamp duty of Rs 5.8 crore will be divided between the owners and the developer in the ratio of 21 percent and 79 percent respectively, the documents showed.

The developer has agreed to pay Rs 20 crore to the owners by way of a refundable and interest-free security deposit.

The development deed was registered on September 30, 2022.

The landlords are  Vaibhav Ganpat Gaikwad,  Bhagwati Hiralal Jain and Rakesh Hiralal Jain, as per the documents.

There was no response from either Boman Irani, chairman and managing director of Rustomjee Group or the landlords.

Real estate experts said that land deals in the Thane market are driven by end-use demand. Thane is witnessing high velocity in sales largely because it is a well-planned market and a self-sufficient city.

A few weeks ago, Mumbai-based Runwal Group had acquired a land parcel spread across an area of 20.96 acres in Thane for Rs 471 crore from a chemical company PB Global, documents showed.

In May this year, in yet another major deal in the Thane area, Oberoi Realty entered into a joint development agreement for a land parcel for Rs 404 crore. The total area of the land parcel is 18.28 acres. Oberoi Realty paid a stamp duty of Rs 20.22 crore. The deal was registered on March 14.

About 700 acres of land worth more than $1.1 billion has been acquired between January and June 2022 across eight cities to develop housing, office, retail, logistics and data centre projects, CBRE said in its report titled 'Indian Realty Outlook - Demystifying Future Growth Opportunities'.

Land prices have also increased from 6 to 8 percent in residential and commercial segments depending on the pocket, it said.