BUYS 88 ACRES IN KASARA, NEAR MUMBAI
Realty developer Keystone Realtors, which operates under the brand Rustomjee, entered the fast growing market for plotted developments with the acquisition of an 88-acre plot in Kasara near Mumbai.
The proposed project will offer about 500 plots of various sizes, totalling about 1.5 million square feet, to buyers looking to build a second home.
Keystone’s strategic foray into plotted developments tracks growing demand for second homes and residential plots in India, especially after the pandemic. This is driven by increasing urbanisation, a growing middle class, and a desire for weekend retreats or investment opportunities. The current bullish market trend has led several property developers to launch plotted developments across the country with locations near major cities, hill stations, and coastal regions being the most sought after.
“This move represents a significant milestone for Rustomjee, reflecting our strategy to diversify and grow our portfolio. In plotted development, we foresee strong demand and traction. This segment lacks organised and branded developers, making it the most attractive market to tap in to meet the everevolving needs of customers,” said Boman Irani, CMD, Keystone Realtors.
The transaction is worth ₹91 crore of which Keystone has paid ₹1 crore so far with the rest ₹90 crore to be paid in instalments over the next two years.
SAYS REALTY CO EXEC
The segment lacks organised and branded developers, making it the most attractive market to tap in for evolving needs of customers
According to Irani, the new venture aligns perfectly with Rustomjee’s business model, as plotted developments generally offer quicker cash flow cycles and enhance profitability and return ratios. This is also in line with the company’s plan to tap into high-demand segments, ensuring a steady and robust growth trajectory.
The company has applied for registration of the project under Real Estate Regulatory Authority (RERA) and plans to launch it this quarter.
Keystone raised over ₹800 crore through a qualified institutional placement (QIP) in May to support its growth plans.
Source – The Economic Times
