Keystone Realtors, the real estate firm that conducts business under the brand Rustomjee, has been awarded a 4.2-acre redevelopment project in Chembur, Mumbai.
With more than four-fifths of the votes cast by the society's residents, it won the contest to redevelop Basant Park. The new project's architect is Hafeez Contractor, and the contractor is L&T. In the next three to six months, the development agreement is likely to be signed. The other competitor in the race was Mahindra Lifespaces.
The project ought to make it possible to sell brand-new apartments with carpet areas totaling nearly 300,000 square feet. After spending the previous two decades working in the western suburbs, this will be Rustomjee's first venture in Mumbai's eastern suburbs.
The project occupies one of the largest parcels of land in the Chembur micromarket, offering views of the prestigious Bombay Presidency Golf Club.
Boman Irani, Chairman and Managing Director, Keystone Realtors, stated that Blue View and Green View were the two types of projects that were being planned prior to the company's initial public offering in November.
He declared, "Blue View is being done with our project at Bandstand, which faces the sea" after winning the Basant Park redevelopment project. This Chembur redevelopment, on the other hand, is a Green View project with stunning views of the golf course."
With approximately 200 members, the current society consists of apartments with 2/3 BHK configurations. These will be converted into apartments with 3/4 BHK or more under the redevelopment plan.
Executing a community-driven project in a well-connected location that has been overlooked by branded developers presents Keystone Realtors with an opportunity.
The large parcel of land is in a location that isn't considered premium in the micromarket, which presents challenges, and the Rustomjee brand only has a limited impact in the eastern suburbs. In the early stages of the project, pricing premium can be limited by both factors.
