Rustomjee Crown in Prabhadevi, Mumbai is Principally Acquired by Keystone Realtors for INR 231 Cr

Rustomjee Crown Prabhadevi

One hundred percent equity and preference shares of DB Realty's subsidiary, Realgem Buildtech, were acquired by Kingmaker Developers, a wholly-owned subsidiary of the Rustomjee Group, for more than Rs 231.42 crore.

This facilitates the acquisition of Rustomjee Crown, a high-end residential development located in Prabhadevi, Mumbai, by Keystone Realtors, an entity affiliated with Rustomjee Group.

Under a development management agreement (DMA) with DB Realty, Keystone Realtors has been working on this project since March 2018. Over Rs 300 crore is anticipated in cash flow benefits for the Rustomjee Group over the course of the entire project life cycle, with an initial benefit of Rs 60 crore.

Realgem Buildtech shall cease to be a wholly-owned subsidiary of DB Realty as a result of this transaction, enabling Keystone Realtors to perform portfolio consolidation. Additionally, standard conditions precedent must be satisfied prior to the Kingmaker Developers completing the aforementioned acquisition.