Keystone Realtors Added Rustomjee Crown Project in Mumbai for Rs. 231 crore

Rustomjee Group, a Realty builder’s wholly-owned subsidiary Kingmaker developers has received 100 percent equity & shares of DB Realty’s subsidiary, Realgem Buildtech, for over Rs. 231.42 crore. This activity creates the path for Keystone Realtors; a Rustomjee Group’s entity to take over the premium residential project called Rustomjee Crown as the developer of the project located in Prabhadevi in Mumbai.

The entity Keystone Realtors has been developing and furbishing this project since March of the year 2018. They are implementing the developmental operations of the project through DMA (Development management agreement) with DB Realty, a prominent real estate developer in India. The transaction of developing projects is expected to increase the cash flow that benefits worth Rs. 60 Crore for Rustomjee Group in the first year and more than Rs. 300 crore over the entire project cycle. 

Simultaneously, following to this transaction, Realgem Buildtech, a realty developer will no longer be a part in wholly-owned subsidiary of DB Realty. And it will allow Keystone Realtors to consolidate its portfolio for upcoming projects. Furthermore, it said accession by the Kingmaker Developers will be subject to the completion of standard conditions precedent.

On this case DB Realty developers said “In light of the above, the scheme of arrangement filed previously by Realgem Buildtech with NCLT (National Company Law Tribunal), Mumbai bench for transferring the “Rustomjee Crown” project will be redundant and stand withdrawn”.