Ajmera & Keystone Partner for Mumbai Redevelopment Project

Mumbai, Jan 18 (PTI) Ajmera Realty & Infra India Ltd and Keystone Realtors Ltd on Thursday announced a tie-up to undertake a redevelopment project in Mumbai and are expecting Rs 760 crore revenue from the project.

Keystone Realtors markets its properties under the brand name Rustomjee.

Ajmera Luxe Realty Pvt Ltd (ALRPL), a joint venture between Ajmera Realty & Infra India and Keystone Realtors, will execute a redevelopment project in Bandra West, according to a statement.

Both companies, which are listed on stock exchanges, will hold a 50 per cent stake in the Joint Venture.


The project is expected to generate a Gross Development Value (GDV) of Rs 760 crores.

The project aims to deliver premium luxury residential apartments with an estimated carpet area of about 1,30,000 square feet for sale.

Boman Irani, Chairman & Managing Director of Keystone Realtors, said, "Bandra has been one of the key markets where we have delivered multiple marquee projects. We aim to provide residents with an elevated quality of life through upscale conveniences."

"Urban rejuvenation or redevelopment as a format has worked well for us and reflects homebuyers' trust in the brand 'Rustomjee'," Irani added.

Dhaval Ajmera, Director, Ajmera Realty, said, "Our unwavering commitment to elevating aging housing societies into a contemporary residential asset class, offering our customers a premium lifestyle, remains a driving force.