Keystone Realtors Limited (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 Limited & NeelKamal Ghruh Cooperative Housing Society Limited on a combined land admeasuring approximately 12,120 SqM in Malad (W), Mumbai, Maharashtra.
In addition to rehousing 342 existing members of both societies, this redevelopment will lead to a sale potential of an anticipated 3,42,000 SqFt of RERA carpet area with the expected Gross Development Value (GDV) of nearly INR 1200 Crore. This development is in line with Rustomjee’s strategy to build a diversified portfolio across ticket sizes and will further strengthen the developer’s presence in the growing western suburbs of Mumbai. The project is expected to be launched in the next calendar year.
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With these additions, Rustomjee has already added 8 new projects in the current financial year with a total GDV of an estimated INR 7,000 Crore.
Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, said, this is a welcome trend wherein societies in a cluster are getting together leading to the development of gated communities and larger layouts. These projects underscore the trust that societies place in the brand’s proven expertise in the redevelopment space. As Rustomjee Group continues to be at the forefront of innovative and sustainable development, these projects mark yet another milestone in the company’s journey to shape the future of urban landscapes.
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