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.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code