Rustomjee Group Will Construct Low-Cost & Affordable Homes in Kalyan
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- 21st Oct 2022
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On a 12-acre parcel of land in Kalyan, adjacent to Mumbai, the real estate developer Rustomjee Group has agreed to co-develop an about 2 million square foot affordable residential complex. This purchase marks the introduction of Rustomjee Group into the eastern suburbs of Mumbai.
In the next five years, around 500 crore rupees will be spent to create a project.
The company, which is in the process of raising cash via an initial public offering (IPO), plans to spend around 500 crore rupees on a five-year project.
As part of the agreement, the developer will reimburse the landlords with 21% of the projected project's developed building area.
Rustomjee Group has entered into a development agreement with three local landlords via one of its subsidiaries, Keyblue Realtors, which is responsible for carrying out the agreement.
As per reports, Keyblue Realtors would pay the landowners a refundable deposit of 20 crore rupees in addition to the built-up area in the aforementioned project.
CRE Matrix's records indicate that the contract was finalised and registered on September 30, 2022.
This particular step by the Rustomjee Group will surely boost the real estate market in Kalyan strongly in the coming years and one can expect more renowned real estate developers from Mumbai to develop real estate projects in Kalyan soon.
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