New Delhi: Realty firm Keystone Realtors Limited has acquired 88 acres of land near Mumbai for Rs 91 crore for a plotted development.
Mumbai-based Keystone Realtors, which markets properties under the Rustomjee brand, said in a regulatory filing that it has forayed into plot development with the acquisition of about 88 acres of land parcel in Kasara.
The Kasara project will consist of approximately 500 plots of various sizes, with a total area of approximately 1.5 million (15 lakh) square feet.
"The total amount for land purchase is Rs 91 crore, of which Rs 1 crore has already been paid and the remaining Rs 90 crore is to be paid in a graded manner over the next 2 years," the realty firm said.
The company plans to launch the project in the current quarter.
“This move is an important milestone for Rustomjee, reflecting our strategic vision to diversify and grow our portfolio,” said Boman Irani, Chairman and Managing Director, Keystone Realtors.
"In the planned developments, we expect strong demand and traction. This segment lacks organized and branded developers, making it the most attractive market to meet the ever-evolving needs of customers," he said.
Mumbai-based Keystone Realtors, which markets properties under the Rustomjee brand, said in a regulatory filing that it has forayed into plot development with the acquisition of about 88 acres of land parcel in Kasara.
The Kasara project will consist of approximately 500 plots of various sizes, with a total area of approximately 1.5 million (15 lakh) square feet.
"The total amount for land purchase is Rs 91 crore, of which Rs 1 crore has already been paid and the remaining Rs 90 crore is to be paid in a graded manner over the next 2 years," the realty firm said.
The company plans to launch the project in the current quarter.
“This move is an important milestone for Rustomjee, reflecting our strategic vision to diversify and grow our portfolio,” said Boman Irani, Chairman and Managing Director, Keystone Realtors.
"In the planned developments, we expect strong demand and traction. This segment lacks organized and branded developers, making it the most attractive market to meet the ever-evolving needs of customers," he said.
