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realty developer Rustomjee Group has entered into an agreement to jointly develop a carrying area of about 2 million square feet residential Residential Projects in 12 acres of land welfareNear Mumbai, The deal marks the entry of Rustomjee Group into the eastern region on the outskirts of Mumbai.
The company, which is currently in the process of raising funds through its initial public offering (IPO), plans to invest over Rs 500 crore to develop the project, to be completed in the next five years.
As part of the agreement, the developer will share 21% of the developed built-up space of the proposed project with the landlords as their compensation.
The Rustomjee Group through one of its subsidiaries has entered into this development agreement with three local landlords, Keyblue Realtorswho will undertake the execution of the proposed project.
Apart from the built-up space in the said project, Keyblue Realtors will also pay Rs 20 crore as refundable deposit to these land owners. According to documents obtained through CRE Matrix, a real estate data analytics firm, the agreement was executed and registered on September 30.
Within 45 days of the registration of the Joint Development Agreement, the developer is expected to prepare and submit a tentative master plan for the development of the project to the land owners.
This master plan is expected to include the layout of said land showing the location of the buildings, a construction schedule and delivery timeline, and a schedule of permissions and restrictions to be obtained by the landowners.
Rustomjee Group is planning to develop an affordable housing project on the said land parcel with residential apartments ranging between Rs 50 lakh to Rs 75 lakh.
Till 31st March 2022, Keystone RealtorsThe company, operating under the Rustomjee brand, had 32 completed projects, 12 ongoing projects and 19 upcoming projects in the Mumbai Metropolitan Region (MMR). These include affordable, mid and mass, aspirational, premium and super-premium segments.
It has developed 20.05 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces and many other real estate projects.
Boman Irani, chairman and managing director of Rustomjee Group, declined to comment for this story.
The peripheral areas of Mumbai, the country’s commercial capital, is seeing strong interest from real estate developers, as the state government has pushed for infrastructure projects aimed at improving connectivity and providing affordable housing for the growing population.
Last week, Deputy Chief Minister Devendra Fadnavis called for the development of infrastructure and knowledge-based industries in and around the Neral-Karjat region near Mumbai and the Panvel and Navi Mumbai Airport Influence Notified Area (Naina) project as Mumbai in Maharashtra. strengthened the commitment of the government. 3.0.
MMR is witnessing a significant demand-supply gap for affordable housing.
According to a study by Knight Frank India, the region recorded high demand for affordable housing units, with 67 per cent demand concentration being recorded for units priced below Rs 25 lakh. The demand for housing units in the range of Rs 25 lakh to Rs 50 lakh was recorded at 13% and units above Rs 50 lakh at 20%.
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