Rustomjee Group bags redevelopment project in Malad with GDV of ₹1200 crore

Mumbai: Keystone Realtors Limited (Rustomjee Group) has been selected as the developer for redevelopment of Veena Nagar Co-operative Housing Society Limited & NeelKamal Ghruh Cooperative Housing Society Limited on a combined land admeasuring 12,120 sq m in Malad west.

In addition to rehousing 342 existing members of both the societies, this redevelopment will lead to sale potential of 3,42,000 sq. ft. of RERA carpet area with an expected Gross Development Value (GDV) of Rs. 1200 crore, the company said.

This development is in line with Rustomjee strategy to build diversified portfolio across ticket sizes and will further strengthen Rustomjee’s presence into the growing western suburbs of Mumbai. The project is expected to be launched in next calendar year.

With these additions, Rustomjee group has already added eight new projects in the current financial year with the total GDV of Rs. 7000 crore.

Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, said, “We are happy to announce that we are chosen as redevelopment partner by two societies in the vibrant locality of Malad West. 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.”

Last week, Rustomjee Group had announced a joint venture with Ajmera Realty to execute a redevelopment project in the premium market of Bandra West with an estimated GDV of ₹760 crore. The two listed players floated Ajmera Luxe Realty Pvt Ltd with each holding a 50% stake. The project aims to deliver premium luxury residential apartments with an estimated carpet area of approximately 1.3 lakh sq. ft for sale.