Construction Industry News
Keystone Realtors, the real estate company trading under the Rustomjee brand name, has been awarded a 4.2 acre redevelopment project in Chembur, Mumbai.
With more than four-fifths of the vote of the residents of the association, it won the competition to redevelop Basant Park. The architect of the new project is Hafeez Contractor and the contractor is L&T. The development agreement is likely to be signed in the next three to six months. The other competitor in the race was Mahindra Lifespaces.
The project should make it possible to sell brand new apartments with carpeting totaling almost 300,000 square meters. After operating in the Western Suburbs for the past two decades, this will be Rustomjee's first venture in the Eastern Suburbs of Mumbai.
The project occupies one of the largest plots in the Chembur micromarket and overlooks the prestigious Bombay Presidency Golf Club.
Boman Irani, chairman and CEO of Keystone Realtors, stated that Blue View and Green View were the two types of projects planned ahead of the company's November IPO.
He stated: "Blue View is done with our project in Bandstand, which faces the sea" after winning the Basant Park redevelopment project. This redevelopment in Chembur, on the other hand, is a Green View project with a beautiful view of the golf course."
With approximately 200 members, the current society consists of apartments with 2/3 BHK configurations. In the redevelopment plan, these will be converted into apartments with 3/4 BHK or more.
Running a community-driven project in a well-connected location that has been overlooked by brand developers presents Keystone Realtors with an opportunity.
The large lot is in a location that is not considered premium in the micro market, which poses challenges, and the Rustomjee brand has only limited impact in the eastern suburbs. In the early stages of the project, the price premium can be limited by both factors.
370
999
297
899
227
399
270
999
1887
2995
220
1001
250
999
555
1499
600
1499
248
459
4027
6392
794
1499
266
699
