Mumbai, January 22, 2024: Keystone Realtors (Rustomjee Group), one of the leading real estate companies of Mumbai, has been selected as the developer of choice to redevelop the plot and premises of Veena Nagar Co-operative Housing Society and NeelKamal Ghruh Cooperative Housing Society on a combined land admeasuring 12,120 square meter (sqm) in Malad (W), Mumbai, Maharashtra.
In addition to rehousing 342 existing members of both the societies, this redevelopment will lead to sale potential of 3,42,000 sqft of RERA carpet area with the expected gross development value (GDV) of Rs 1,200 crore. This development is in line with Rustomjee strategy to build diversified portfolio across ticket sizes and will further strengthen its presence into the growing western suburbs of Mumbai. The project is expected to be launched in next calendar year. With these additions, Rustomjee has already added 8 new projects in current financial year with the total GDV of Rs 7,000 crore.
Boman Irani, CMD, Keystone Realtors, said, “We are chosen as redevelopment partner by two societies in the vibrant locality of Malad West on the combined land spanning over 12,120 sqm, and boasting a combined GDV of Rs 1,200 crore. This is a welcome trend wherein societies in a cluster are getting together leading to development of gated communities and larger layout. 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.”
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
