Keystone Realtors, the real estate company that operates under the brand Rustomjee, has bagged a 4.2-acre redevelopment project in Chembur, Mumbai.
It won the race to redevelop Basant Park, winning over four-fifths of the votes of the society’s residents. Hafeez Contractor is the architect and L&T is the contractor for the new project. The development agreement is likely to be executed in the next three to six months. Mahindra Lifespaces was the other player in the race.
The project should allow the sale of new apartments with a cumulative space of almost 300,000 square feet of carpet area. This will be the first project for Rustomjee in the eastern suburbs of Mumbai after spending the past two decades in the western suburbs.
The project is on one of the biggest land parcels in the micro-market of Chembur with views of the prestigious Bombay Presidency Golf Club. In the lead-up to the company's initial public offering in November, Boman Irani, Chairman and Managing Director of Keystone Realtors, said there were two types of projects that were being planned, called Blue View and Green View.
After winning the Basant Park redevelopment project, he said, "Blue View is being done with our project at Bandstand which faces the sea. On the other hand, this Chembur redevelopment is a Green View project with spectacular views of the golf course."
The current society comprises apartments of 2/3BHK configuration with approximately 200 members. Under the redevelopment plan, these will become 3/4BHK+ apartments. The opportunity for Keystone Realtors lies in executing a community-driven project in a well-connected location that has been off the radar for branded developers.
The challenges are that the large land parcel is at a location not considered premium in the micro-market and the Rustomjee brand having limited resonance in the eastern suburbs. Both factors have the ability to restrict pricing premium in the initial stages of the project.
