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Keystone Realtors, which operates under the brand Rustomjee, has been awarded a 4.2-acre redevelopment project in Chembur, Mumbai.
It won the race to redevelop Basant Park, receiving more than four-fifths of the society’s votes. The architect for the new project is Hafeez Contractor, and the contractor is L&T. The development agreement will most likely be signed within the next three to six months. The other competitor in the race was Mahindra Lifespaces.
The project should allow the sale of new apartments totaling nearly 300,000 square feet of carpet area. After spending the previous year in the western suburbs of Mumbai, this will be Rustomjee’s first project in the eastern suburbs.
The project is located on one of the largest land parcels in the Chembur micro-market, with views of the prestigious Bombay Presidency Golf Club.
Boman Rustom Irani, chairman and managing director of Keystone Realtors, stated in the run-up to the company’s initial public offering in November that two types of projects, Blue View and Green View, were in the works.
After winning the Basant Park redevelopment project, he stated, “Blue View is completing our project at Bandstand, which overlooks the sea. But, on the other hand, this Chembur redevelopment is a Green View project with stunning views of the golf course.”
The current society consists of apartments with 2/3 bedrooms and approximately 200 members. These will be converted into 3/4BHK+ flats as part of the redevelopment plan.
The opportunity for Keystone Realtors lies in executing a community-driven project in a well-connected location that has previously escaped the attention of branded developers.
The large land parcel is in a location that is not considered premium in the micro-market, and the Rustomjee brand has limited resonance in the eastern suburbs. Both factors can potentially limit the pricing premium in the early stages of the project.