by THO
Mumbai-based listed real estate developer Keystone Realtors, also known as Rustomjee Group, on July 15 announced a luxury project comprising 32 premium sea-facing apartments and said that it anticipates ₹600 crore of gross development value (GDV) from the project.
The company said the project offers 32 luxury 4 BHK apartments with carpet sizes ranging from 2,394 to 2,521 square feet.
“This premium development is designed to establish new benchmarks in luxury seaside living. Ocean Vista boasts a unique feature of unobstructed sea views from every floor,” the company said in a statement.
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Versova is located in Andheri area of Mumbai’s western suburbs and is connected with Mumbai Metro (Versova to Ghatkopar link), Andheri railway station, and other arterial roads like Link Road, SV Road, and Western Express Highway (WEH). It is also located close to the Mumbai Airport.
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“We are proud to announce the launch of ‘Ocean Vista’, a landmark project that redefines seaside living in Mumbai. Located in Versova, this unique beachfront and sea-facing development sets a new benchmark for luxury living,” said Boman Irani, chairman and MD, Rustomjee Group.
The company aims to focus on redevelopment of old buildings in Mumbai Metropolitan Region (MMR) and last week announced its foray into a plotted development project in Kasara near Igatpuri, a hill station around three hours’ drive from Mumbai.
Rustomjee Group plans to focus on micro markets such as Versova, Matunga West, Bandra East, and Chembur, among others, the company said in a statement.
Property registrations in the Mumbai real estate market grew by more than 11% to 11,443 in June 2024 from 10,319 a year earlier, according to the data shared by the Inspector General of Registration and Controller of Stamps of Maharashtra. In May 2024, a total of 12,000 property registrations were reported in the Mumbai real estate market.
Stamp duty collections from property registrations in Mumbai real estate market went up by over 15% to ₹986 crore in May 2024 from ₹859 crore last year in June 2023, according to the Maharashtra government data. In May 2024, the stamp duty collections stood at ₹1,034 crore.
