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The project in Malad area of Mumbai will include component of rehousing 342 existing members of both the societies, and this redevelopment will lead to sale potential of 3.42 lakh sq ft of RERA carpet area, according to company statement
Keystone Realtors, a part of Rustomjee Group, has secured the rights to redevelop two housing societies in Mumbai's Malad West suburb, covering nearly 3 acres. The project is expected to have a sale potential of over 3.42 lakh sq ft of RERA carpet area, with an anticipated Gross Development Value (GDV) exceeding Rs 1,200 crore.
(This story has not been edited by THE WEEK and is auto-generated from a PTI
Property developers Ajmera Realty & Keystone Realtors form Ajmera Luxe Realty, a joint venture for a Rs 760 crore luxury residential redevelopment project in Mumbai's Bandra West. The companies share a 50% stake in the venture, aiming to elevate aging housing societies and contribute to the city's urban rejuvenation. With a focus on low-capex acquisitions, Ajmera Realty plans for fivefold growth, aligning with the government's initiatives to boost redevelopment in Maharashtra. Despite challenges, Mumbai's property market achieves record highs in 2023, driven by luxury and mid-income segmen...
The redevelopment project aims to deliver premium luxury residential apartments with an estimated carpet area of approximately 130,000 sq ft for sale