by THO
Keystone Realtors Limited, also known as Rustomjee Group, on July 11 announced its foray into the plotted development segment. It said that the company has acquired a 88-acre land parcel in Kasara near the famous hill station Igatpuri, which is about a three hour drive from Mumbai.
The Kasara project will comprise around 500 plots of different sizes totaling approximately 1.5 million sq ft.
“The total consideration for the land purchase is ₹91 crore. The company has already paid ₹1 crore and would be paying the remaining ₹90 crores in a staggered manner over the next two years. We have already applied for RERA registration and plan to launch the project in the current quarter, Q2FY25,” the company said in a statement.
According to the company, plotted development is a strategic move for Rustomjee driven by the increasing demand for second homes among individuals seeking a peaceful retreat from city life.
This venture aligns with Rustomjee’s business model as plotted developments generally offer quicker cash flow cycles and enhance profitability and return ratios. This project in Kasara exemplifies the company’s commitment to tap into high-demand segments, ensuring a steady and robust growth trajectory, said the company.
Also Read: Rustomjee Group plans to foray into data centers; launch plotted development projects near Mumbai
“This segment lacks organized and branded developers, making it the most attractive market to tap-in to meet the ever evolving needs of customers. The move represents a significant milestone for Rustomjee, reflecting our strategic vision to diversify and grow our portfolio. With a solid capital structure and strong liquidity, we are well-positioned to bring this project to fruition and continue our growth momentum,” said Boman Irani, chairman and managing director of Rustomjee Group.
HT Digital was the first to report on May 27, 2024 about the company’s plans to launch its first plotted development project in Kasara. Irani had said that the company plans to foray into the data centres and launch plotted development projects.
“We are exploring plotted developments, we are exploring data centers, just to name a few, to be able to kind of grow our positioning and serve across various segments in this micro market itself or in this large market itself,” Irani had said.
