by THO
Listed real estate developer Keystone Realtors, also known as Rustomjee Group, has launched a luxury residential project in Thane near Mumbai in partnership with Keppel. The project named Verdant Vistas is expected to have 440 units and is anticipated to generate a gross development value (GDV) of ₹1,750 crore, the company said in a statement.
According to the company, this is Rustomjee’s first luxury project in Thane. The company said it is expecting a response similar to its other premium projects in areas like Bandra, Prabhadevi and Juhu.
The project will include two buildings wherein the first tower will have 176 flats and second building will have 264 flats.
“The project offers 3BHK units ranging from 1,100 to 1,300 sq ft, while the 4BHK units will be of sizes ranging from 1,750 to 2,250 sq ft,” the company said in a statement.
“We are excited to announce the launch of our newest cluster, ‘Verdant Vistas,’ at Rustomjee Uptown Urbania. This project offers the luxury of space with larger apartments, large sundecks and verdant green views along with every conceivable amenity,” said Boman Irani, chairman and MD, Rustomjee Group.
Also Read: Housing sales up by 5% in FY24 in Mumbai Metropolitan Region, launches down by 22%: Report
The company said each housing unit will have decks offering creek views. The project will have more than 25 luxurious amenities spread across three floors, including a swimming pool, gymnasium, amphitheatre, kids play area, club house, and senior citizen area.
“We are pleased to build on our partnership with the Rustomjee Group, following our earlier successful projects in Thane. Our latest project, Verdant Vistas, will set new benchmarks in luxury for Uptown Urbania and Thane. With our extensive real estate experience across Asia, combined with Rustomjee’s deep market insights, we look forward to bringing new benchmarks of quality in urban living to residents and the greater community,” said Ho Kiam Kheong, President (India) of Keppel’s Real Estate Division.
Thane real estate market
Thane is well connected with Mumbai and Navi Mumbai. The Thane-Diva-Kalyan metro extension and the proposed Thane-Borivali underground tunnel is set to further elevate its accessibility and integration within the Mumbai Metropolitan Region.
The Union Cabinet last week also approved a 29 km long ring Metro corridor in Thane that is expected to boost connectivity within the city.
Also Read: Raymond Realty plans to foray into Pune real estate market: CEO Harmohan Sahni
The current per sq ft rate in Thane is around ₹10,000 to ₹25,000, depending on the location. Rental values in Thane are between ₹20,000 and ₹45,000 per month for a 2 BHK, said local brokers.
