Keppel Land and Rustomjee Group Inks Joint Venture for Plotted Development in Thane

Keppel Land and Rustomjee Group Inks Joint Venture for Plotted Development in Thane

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5 year(s) ago

Keppel Land and Rustomjee Group Join Forces for Mumbai Township Project. Singaporean developer Keppel Land, a subsidiary of Keppel Corporation, has partnered with Mumbai-based Rustomjee Group to develop a massive integrated township project in Thane, near Mumbai. This marks a significant first: the very first collaboration between a Singaporean and Indian developer for a township project in the Mumbai Metropolitan Region (MMR). Keppel Land and Rustomjee Group Inks Joint Venture for Plotted Development in Thane

Key Details:

  • Project: Development of a 51.4-hectare integrated township named Urbania.
  • Joint Venture: Keppel Land acquires a 49% stake in Kapstone Constructions Pvt. Ltd., the project’s joint venture firm, for approximately Rs. 410 crore (S$57.61 million).
  • Development Plans: Upon completion of the acquisition, an additional 7,400 homes and retail units will be built, bringing the total gross floor area to around 5 million sq ft.
  • Project Timeline: Urbania has already delivered 2,700 residential units since its launch in 2006. The first phase of the joint venture’s development, consisting of 460 residential units, is expected to cost approximately Rs. 401.6 crore.

Benefits for Both Parties:

  • Keppel Land: Gains a foothold in the high-growth Mumbai market and leverages Rustomjee’s local expertise.
  • Rustomjee Group: Benefits from Keppel Land’s experience and expands its development portfolio.

Future Collaboration:

  • The partnership aims to explore further development opportunities within the MMR, with Rustomjee acting as Keppel Land’s exclusive partner in the region.

Industry Significance:

This joint venture signifies the growing appeal of the Indian real estate market, particularly the MMR, to foreign investors. The project’s success has the potential to pave the way for further collaborations between Singaporean and Indian developers.

 

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in

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