Mumbai redevelopment: Rustomjee Group to redevelop 2 housing societies having Rs 1,200 crore GDV

Mumbai real estate update: The above project in Mumbai's Malad is expected to be launched in next calendar year. With these additions, Rustomjee has already added eight new projects in current financial year with the total GDV of Rs. 7,000 crore, according to the company.

Listed real estate developer Keystone Realtors Limited (Rustomjee Group) on January 22 announced that it has been selected as the developer of choice to redevelop the plot and premises of Veena Nagar Co-operative Housing Society Limited and NeelKamal Ghruh Cooperative Housing Society Limited on a combined land admeasuring 12,120 square meters in Malad west area of Mumbai.

In addition to rehousing 342 existing members of both the societies, this redevelopment will lead to sale potential of ~3.42 lakh sq ft of RERA carpet area with the expected Gross Development Value (GDV) of Rs 1,200 crore, the company statement said.

This development is in line with Rustomjee strategy to build diversified portfolio across ticket sizes and will further strengthen Rustomjee presence into the growing western suburbs of Mumbai, the statement added.

“These projects underscore the trust that societies place in our brand's proven expertise in the redevelopment space. Our selection as the chosen partner reflects the confidence these societies have in our ability to deliver exceptional outcomes. As Rustomjee Group continues to be at the forefront of innovative and sustainable development, these projects mark yet another milestone in our journey to shape the future of urban landscapes," said Boman Irani, Chairman and Managing Director of Keystone Realtors Limited.

The above project is expected to be launched in next calendar year. With these additions, Rustomjee has already added eight new projects in current financial year with the total GDV of Rs. 7,000 crore, according to the company.

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Mehul R Thakkar

Special Correspondent|Moneycontrol

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