Keystone enters plotted development with acquisition of 88 acre in Kasara
Real Estate

Keystone enters plotted development with acquisition of 88 acre in Kasara

Realty developer Keystone Realtors, also known as Rustomjee Group, has ventured into the plotted development segment by acquiring approximately 88 acre of land in Kasara near Mumbai.

The proposed second homes project on this land will consist of about 500 plots of various sizes, totalling around 1.5 million sq ft.

The decision to enter the plotted development segment reflects a strategic move driven by the rising demand for second homes.

Boman Irani, CMD of Keystone Realtors, stated that this step marks a significant milestone for Rustomjee, indicating their strategy to diversify and expand their portfolio. He mentioned that in the plotted development sector, they anticipate strong demand and interest, noting that this market lacks organized and branded developers, thereby presenting an attractive opportunity to meet evolving customer needs.

The total cost for acquiring the land is Rs 910 million, with Rs 10 million already paid and the remaining Rs 900 million scheduled for staggered payments over the next two years.

Irani explained that this initiative aligns well with Rustomjee?s business model, as plotted developments typically offer faster cash flows and improve profitability and returns. This move also supports the company?s objective to enter high-demand segments, ensuring a steady and robust growth trajectory. The project has already been submitted for registration under the Real Estate Regulatory Authority (RERA) with plans to launch in the current quarter.

To support its expansion plans, the developer secured over Rs 8 billion through a qualified institutional placement (QIP) in May. Rustomjee reported a 22% year-on-year growth in pre-sales amounting to Rs 6.11 billion for the quarter ending in June. Additionally, the company acquired a redevelopment project with a saleable area of 350,000 sq ft and a gross development value of Rs 9.84 billion.

The increasing demand for second homes and plotted developments across India is fuelled by urbanisation, a growing middle class, and a preference for weekend getaways or investment opportunities.

Realty developer Keystone Realtors, also known as Rustomjee Group, has ventured into the plotted development segment by acquiring approximately 88 acre of land in Kasara near Mumbai. The proposed second homes project on this land will consist of about 500 plots of various sizes, totalling around 1.5 million sq ft. The decision to enter the plotted development segment reflects a strategic move driven by the rising demand for second homes. Boman Irani, CMD of Keystone Realtors, stated that this step marks a significant milestone for Rustomjee, indicating their strategy to diversify and expand their portfolio. He mentioned that in the plotted development sector, they anticipate strong demand and interest, noting that this market lacks organized and branded developers, thereby presenting an attractive opportunity to meet evolving customer needs. The total cost for acquiring the land is Rs 910 million, with Rs 10 million already paid and the remaining Rs 900 million scheduled for staggered payments over the next two years. Irani explained that this initiative aligns well with Rustomjee?s business model, as plotted developments typically offer faster cash flows and improve profitability and returns. This move also supports the company?s objective to enter high-demand segments, ensuring a steady and robust growth trajectory. The project has already been submitted for registration under the Real Estate Regulatory Authority (RERA) with plans to launch in the current quarter. To support its expansion plans, the developer secured over Rs 8 billion through a qualified institutional placement (QIP) in May. Rustomjee reported a 22% year-on-year growth in pre-sales amounting to Rs 6.11 billion for the quarter ending in June. Additionally, the company acquired a redevelopment project with a saleable area of 350,000 sq ft and a gross development value of Rs 9.84 billion. The increasing demand for second homes and plotted developments across India is fuelled by urbanisation, a growing middle class, and a preference for weekend getaways or investment opportunities.

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000