Rustomjee Group reports 45% growth
As another possible piece of evidence that real estate is driving an economic recovery, realty player Rustomjee group has announced its results up to January 2021, and has posted a 45% growth in terms of value of transactions till January 2021 as against the same period last year. The company has estimated that this could well increase to 60% by the end of the financial year. In terms of unit growth, the percentage growth is 20% and is expected to increase to 30% by year end. The government’s initiative to give a boost to the real estate sector by reducing stamp duty till 31 March 2021, is expected to result in a further increase in sales in the last quarter of this financial year. Some highlights for 2020 as mentioned by the company include: The gated community projects garnering much attention, especially during the lockdown period of the Covid-19 pandemic.
Standalone projects garnering impressive sales, with Garden 6 in Dadar Parsi Colony being fully booked and Yazarina III also seeing increased inquiries and bookings.
Rustomjee has several more projects in the pipeline across the MMR at various locations, including, Bhandup, Bandra East, Dahisar and many others. The Rustomjee Group is a 25-year-old, Mumbai-based real estate developer with a portfolio that includes 16.6 million sq ft of completed projects. Their portfolio currently includes two townships, residential spaces, office complexes, retail developments, spaces for healthcare and education spread across Prabhadevi, BKCAnnex, Khar, Off Juhu Circle, Kandivali, Borivali, Virar and Thane. Written from a company news release. Image: A shopping arcade in northwest Mumbai owned by the company.
