Keystone Realtors Limited (Rustomjee Group) has acquired an 88-acre land parcel in Kasara, Thane for INR 91 crores, marking its entry into plotted development. This move caters to the rising demand for second homes away from urban areas. The project will feature approximately 500 plots across 1.5 million square feet, offering luxury living in a scenic mountain setting. Planned to launch in Q2FY25, the project aligns with Rustomjee's strategy to diversify its portfolio and improve profitability. Chairman Boman Irani emphasised the company's focus on innovation, quality, and meeting customer needs, aiming to set new industry standards in real estate.
Keystone Realtors Limited, known as the Rustomjee Group, has announced the acquisition of an 88-acre land parcel in Kasara, Thane, for INR 91 crores. The acquisition marks the group's strategic entry into plotted development, responding to the growing demand for second homes away from urban areas.
The acquisition deal involves an initial payment of INR 1 crore, with the remaining INR 90 crores to be paid over the next two years. This sizeable land parcel will host the Rustomjee Group's new project, comprising around 500 plots of various sizes, totalling approximately 1.5 million square feet. The project promises luxury living in a scenic mountain setting, capitalising on the natural beauty of Kasara.
Rustomjee has already applied for RERA registration and plans to launch the project in the current quarter, Q2FY25. The development will provide prospective homeowners with a tranquil retreat from the hustle and bustle of city life, a trend that has seen increasing demand in recent years.
The decision to venture into plotted development aligns with Rustomjee's strategy to diversify its portfolio and enhance profitability. Plotted developments typically offer quicker cash flow cycles and improved profitability, making this move a strategic fit for the company's business model.
Keystone Realtors Limited aims to meet the increasing demand for peaceful retreats by expanding its portfolio to include plotted developments. The company's focus on innovation and quality is evident in this new project, which promises to deliver high standards and great value to stakeholders.
Boman Irani, the Chairman and Managing Director of Keystone Realtors Limited, emphasised the significance of the new venture by stating that entering plotted development represents a crucial step for the company. He noted that it reflects their strategy to diversify and grow, aiming to address customer needs in a market with few organised and branded developers. He also mentioned that their focus on innovation and quality, supported by solid financials, would allow them to deliver substantial value to stakeholders and establish new standards in the real estate industry.
The acquisition of the Kasara land marks a major milestone for Keystone Realtors Limited, demonstrating the Rustomjee Group's commitment to strategic growth and excellence in the real estate sector. With its strong financial backing and focus on quality, the company is set to achieve new benchmarks in plotted development and luxury living.
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