Boman Irani's Rustomjee Group marks Entry in Tier 2 Cities with Senior Living Projects

Despite a cooling effect in certain locations, Boman Irani, chairman and managing director of Keystone Realtors (Rustomjee Group), has stated that he does not anticipate a drop in demand in the Mumbai real estate market. According to him, the business intends to grow into Tier 2 cities with planned development projects and senior living facilities.

According to him, the business is getting ready to start a second planned development project in Kasara, which is close to Mumbai.

Irani underlined that the Mumbai Metropolitan Region (MMR) is still experiencing strong demand for real estate, even though some hot spots may have cooled.

According to Irani, the business is in the process of talking with a number of stakeholders about starting a senior housing real estate project.

In order to satisfy the growing demand for senior housing, the research included important policy proposals, such as developer tax incentives, senior citizen property tax rebates, and rental housing schemes based on the Pradhan Mantri Awas Yojana (PMAY).

Irani stated, "I am meeting with potential partners and exploring opportunities, with plans to close one in the coming months. In the next fiscal year, we also aim to launch another plotted development project in Kasara, near Mumbai, following the success of our first project there”.

"I do not see demand slowing down across the board. There may be cooling in specific pockets, but the overall demand is still strong, particularly in around 6-7 key areas," Irani said on the sidelines of the New India Summit organized by CREDAI focused on Tier-2 and Tier-3 cities in India.