Mumbai Skyline Gets Luxe Makeover: Ajmera & Rustomjee Join Hands

Ajmera Realty & Infra India (ARIIL) and Keystone Realtors have forged a strategic alliance to embark on the redevelopment of a housing society in the Bandra West locality of Mumbai. The joint venture, known as Ajmera Luxe Realty, is a collaborative effort between ARIIL and Keystone Realtors, operating under the Rustomjee brand. Both entities will share an equal 50 percent stake in this venture, demonstrating their commitment to enhancing aging housing societies and contributing to the urban rejuvenation of Mumbai.

The redevelopment project, spearheaded by Ajmera Luxe Realty, is poised to generate a substantial Gross Development Value (GDV) amounting to Rs 760 crore. The focus of this joint venture is on crafting a luxury residential project spanning an estimated carpet area of approximately 1,30,000 sq. ft., which will be offered for sale to discerning buyers.

Bandra holds strategic importance for Rustomjee, given its track record of delivering several landmark projects in this vibrant market. The redevelopment format has proven successful for the company in the past, aligning seamlessly with the government's initiatives to catalyze redevelopment in Maharashtra. Ajmera Realty envisions a robust fivefold growth strategy, emphasizing low-capital expenditure acquisitions in line with the state's overarching redevelopment agenda.

News by Rahul Yelligetti