Rustomjee Group Soon to Launch Project worth Rs.4,000 cr in Mumbai

Famous real estate developer Rustomjee Group, which is more popular as  Keystone Realtors Ltd (KRL) collaborating with landowners to undertake joint ventures (JVs) and joint development (JD) for upcoming projects in areas where the Mumbai-Ahmedabad Bullet Train Project is coming up.

The company is targeting Mumbai Trans-Harbour Link (MTHL) connecting Mumbai and Navi Mumbai. The construction and manufacturing of the bullet train is expected to be completed by 2027 and MTHL is expected to open for the general public on December 25, 2023.

The company believes that areas near big infrastructure projects will attract a great amount of future cash flow. KRL is planning launches with a revenue potential of Rs. 4,000 crore in the ongoing fiscal. 

Chairman and Managing Director of KRL, Boman Irani mentioned, "Wherever infrastructure goes, Rustomjee will continue to have a line of sight and keep looking at development opportunities. We are in talks with landowners for JVs and JDs in areas where, let's say, the bullet train extends or the Bombay Baroda (Mumbai-Vadodara) highway extends or the MTHL goes across."

He also added that KRL has a gross development value (GDV) of Rs. 38,000 crore, of which roughly about Rs. 14,000-15,000 crore is from non-township projects and the rest is from townships. According to officials the company is planning to launch projects worth Rs. 4,000 crore in the ongoing financial year.

According to Irani, "As we had announced at the start of the year, we would be launching at least one or two projects every quarter. What we have done in this quarter is that we have launched two projects in Thane with a GDV of approximately Rs. 1,348 crore. We have similar projects lined up for the next quarters as well. We will stay in line with our announcements of having at least one or two projects every quarter this year."

The company declared that, the redevelopment of old and dilapidated buildings remains to be their focus and it plans to come up with projects in the Mumbai Metropolitan Region (MMR) for the next few years before venturing into a new city. For this they have rehoused over 1,400 families so far.