Ajmera Luxe Realty Private Limited, a joint venture between Ajmera Realty & Infra India Limited (ARIIL) and Keystone Realtors Limited will execute a redevelopment project in Bandra West, Mumbai. Both companies will hold a 50% stake in the project, which is expected to generate a Gross Development Value (GDV) of ₹760 crores, the companies said in a statement.
The project aims to deliver premium luxury residential apartments with an estimated carpet area of approximately 130,000 sq. ft for sale.
Keystone Realtors markets its properties under the brand name Rustomjee.
The core objective of this collaboration is to present a distinctive and premium offering in the upscale locale of Bandra. By leveraging the collective strengths of Ajmera Realty and Rustomjee, the JV aims to deliver a product that stands out in the market, said the statement.
“At Rustomjee, we have been transforming locations into top preferences for discerning buyers. 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. This partnership with Ajmera Realty serves to reinforce our dedication to this mission. It establishes a symbiotic relationship benefiting the city, existing homeowners, and potential buyers alike,” said Boman Irani, chairman and managing director, Rustomjee.
“Our unwavering commitment to elevating aging housing societies into a contemporary residential asset class, offering our customers a premium lifestyle, remains a driving force. Positioned to seize the growing demand, we strategically diversify our portfolio across Mumbai’s luxury landscape,” said Dhaval Ajmera, Director, Ajmera Realty.