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Ajmera Realty & Infra India (ARIIL) and Keystone Realtors have entered into a joint venture to undertake redevelopment of a housing society in Bandra west locality in Mumbai. Both the companies will hold a 50 percent stake in the joint venture, aiming to elevate aging housing societies and contribute to the citys urban rejuvenation.
Ajmera Luxe Realty, a JV between listed property developers Ajmera Realty & Infra India (ARIIL) and Keystone Realtors which operates under Rustomjee brand, will undertake the redevelopment project, which is expected to generate a gross development value (GDV) of Rs 760 crore. The joint venture will develop a luxury residential project with an estimated carpet area of around 1,30,000 sq. ft. for sale.
For Rustomjee, Bandra is a key market where the company has delivered multiple marquee projects and rejuvenation or redevelopment as a format has worked well. With a focus on low-capex acquisitions, Ajmera Realty plans for fivefold growth, aligning with the governments initiatives to boost redevelopment in Maharashtra. |
