Real estate developers Rustomjee, which trades as Keystone Realtors Ltd, has signed redevelopment deals with Mumbai’s eight housing societies, which are to be developed through the cluster redevelopment model.
Cumulatively, the eight housing societies in Andheri's Lokhandwala have a plot area of around 4.75 acre, which has a development potential of more than 1 million square feet, with a gross development value of around Rs 3,000 crore, the developer has said on July 2.
Rustomjee said it has signed development agreements with five of the eight societies and letters of intent with the other three. The development agreements are expected to be signed over the next few days.
"With a GDV of nearly Rs. 3,000 crore and a significant development footprint, this project exemplifies our focus on scale, location, and value creation," said Boman Irani, chairman and managing director of Rustomjee, said.
Urban redevelopment is not just about creating real estate but about revitalising communities and transforming the way people live in the city. “This cluster-led approach is a testament to the growing trust in Rustomjee’s redevelopment capabilities and our consistent track record of timely delivery and thoughtful design,” Irani said.
Rustomjee, which has also built several greenfield projects in the Mumbai metropolitan region, is largely known for redevelopment, with a significant market share in the vertical, especially in the western suburbs.
The company is in talks to sign up more redevelopment deals in suburbs such as Goregaon, Andheri, Borivali, and Bandra, with a pipeline of around 40 million square feet.
At 1.27 pm, the Keystone Realtors stock was trading at Rs 654.05 on the National Stock Exchange, up 3.2 percent from the previous high.
A day earlier, the company said it received the letter of acceptance for redevelopment project worth Rs 4,521-crore in Mumbai’s GTB Nagar. The project would be undertaken in collaboration with Maharashtra Housing and Area Development Authority (MHADA).
Spread across 11.19-acre, the redevelopment will benefit more than 1,400 families and is expected to unlock a saleable area of approximately 20.7 lakh square feet, the company said.
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