Keystone enters plotted development with acquisition of 88 acre in Kasara

15 Jul 2024 CW Team

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.

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