Keystone Realtors said that it has entered into a deed of conveyance for acquisition of land admeasuring approximately 88 acres at Kasara, Thane, Maharashtra, for a total consideration of Rs 91 crore.
The consideration would be payable in a staggered manner up to February 2026 from the date of execution of the deed of conveyance.
"This acquisition marks the foray of Rustomjee brand into the plotted development. Plotted development is a strategic move for Rustomjee, driven by the increasing demand for second homes among individuals seeking a peaceful retreat from city life, the company said in a statement.
The company further informed that the Kasara project would comprise of around 500 plots of different sizes, totaling approximately 1.5 million square feet.
The company stated that it has applied for RERA registration and plans to launch the project in the current quarter, Q2 FY25.
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Boman Irani, chairman and managing director of Keystone Realtors, said: 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.
Keystone Realtors is a flagship entity of the Rustomjee Group. KRL and its subsidiaries undertake residential and mixed-use projects in Mumbai Metropolitan Region (MMR) under the Rustomjee brand. The Rustomjee Group has a strong execution track record, which includes development of luxury residential real estate, affordable housing, shopping mall, schools and commercial spaces.
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