Keystone Realtors expands into Mumbai's eastern outskirts with a Rs 1,000-crore project

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 deal 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 for the selling of new units totaling about 300,000 square feet of carpet area. After spending the last two decades in Mumbai's western suburbs, this will be Rustomjee's first project in the city's eastern outskirts.

The property is located on one of the largest land parcels in the Chembur micro-market, with views of the famed Bombay Presidency Golf Club.

Boman 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.

He stated after winning the Basant Park reconstruction project, "Blue View is completing our project at Bandstand, which overlooks the sea. This Chembur redevelopment, on the other hand, is a Green View project with stunning views of the golf course."

The current society consists of apartments with 2/3 bedrooms and roughly 200 members. These will be converted into 3/4BHK+ flats as part of the redevelopment plan.

The opportunity for Keystone Realtors resides in completing a community-driven project in a well-connected location that has previously escaped the attention of branded developers.

The vast land tract is in a location that is not regarded premium in the micro-market, and the Rustomjee brand has limited resonance in the eastern suburbs. Both variables have the potential to limit the pricing premium in the early stages of the project.