Rustomjee Group Signs 12 acre Joint Venture Deal in Kalyan, Mumbai

Rustomjee Group Announces Affordable Housing Project in Kalyan. Rustomjee Group, a real estate developer undergoing an IPO, has announced plans for a new affordable housing project in Kalyan, near Mumbai. Rustomjee Group Signs 12 acre Joint Venture Deal in Kalyan, Mumbai

Project Details:

• Location: 12-acre land parcel in Kalyan
• Size: Nearly 2 million sq ft
• Investment: Over Rs 500 crore
• Completion Timeline: 5 years
• Apartment Prices: Rs 50 lakh to Rs 75 lakh

Project Partners:

• Rustomjee Group (through subsidiary Keyblue Realtors)
• Three local landlords

Landlord Compensation:

• 21% of developed built-up space
• Rs 20 crore refundable deposit

Project Highlights:

• This project marks Rustomjee Group’s entry into the eastern suburbs of Mumbai.
• It caters to the significant demand for affordable housing in the Mumbai Metropolitan Region (MMR).
• The project aligns with the Maharashtra government’s focus on affordable housing and infrastructure development in peripheral areas.

Additional Information:

• Rustomjee has a diverse portfolio with 32 completed projects, 12 ongoing projects, and 19 upcoming projects across MMR.
• The company develops projects across various segments, including affordable, mid-range, premium, and super-premium.

This project signifies Rustomjee Group’s commitment to expanding its offerings and addressing the growing need for affordable housing near Mumbai. The project aligns well with the government’s initiatives to improve connectivity and provide housing solutions for the increasing population.