Keystone Realtors Buys Land Near Mumbai for Plotted Development

New Delhi, Jul 11 (PTI) Realty firm Keystone Realtors Ltd has acquired 88-acre land near Mumbai for Rs 91 crore to undertake plotted development.

Mumbai-based Keystone Realtors, which markets properties under Rustomjee brand, said in a regulatory filing that it has forayed into plotted development with the acquisition of around 88-acre land parcel in Kasara.

The Kasara project would comprise around 500 plots of different sizes, totalling about 1.5 million (15 lakh) square feet.

"The total consideration for the land purchase is Rs 91 crore, with Rs 1 crore already paid and the remaining Rs 90 crore to be paid in a staggered manner over the next 2 years," the realty firm said.

The company plans to launch the project in the current quarter.

"This move represents a significant milestone for Rustomjee, reflecting our strategic vision to diversify and grow our portfolio," Boman Irani, Chairman and Managing Director of Keystone Realtors, said.

"In plotted development, we foresee strong demand and traction. This segment lacks organised and branded developers, making it the most attractive market to tap in to meet the ever-evolving needs of customers," he said.