Keystone Realtors Announces Foray into Plotted Development, First Project in Kasara

Mumbai, July 11, 2024: Keystone Realtors Limited, popularly known as Rustomjee Group, announced its foray into Plotted Development with the acquisition of ~88-acre land parcel in Kasara. 

The Kasara project would comprise of around 500 plots of different sizes, totaling approximately 1.5 million square feet. The total consideration for the land purchase is Rs. 91 crores, with Rs. 1 crore already paid and the remaining Rs. 90 crores to be paid in a staggered manner over the next 2 years. A press release issued by the company says that it has applied for RERA registration and plan to launch the project in the current quarter, Q2FY25.

Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, commented, “We are thrilled to announce our foray into Plotted Development with our first acquisition in Kasara. This move represents a significant milestone for Rustomjee, reflecting our strategic vision to diversify and grow our portfolio. Rustomjee is recognized for its proactive approach in identifying emerging market trends. In Plotted development, we foresee strong demand and traction. This segment lacks organized and branded developers, making it most attractive market to tap-in to  meet the ever evolving needs of customers. The Kasara project is not only a testament to our commitment towards innovation and quality but also aligns with our goal of meeting the evolving needs of our customers. With a solid capital structure and strong liquidity, we are well-positioned to bring this project to fruition and continue our growth momentum. We look forward to deliver exceptional value to all our stakeholders and setting new benchmarks in the real estate industry.”