Keystone Realtors Acquires 88-Acre Land for New Plotted Development in Kasara

Keystone Realtors Ltd, a Mumbai-based realty firm, has acquired an 88-acre land parcel near the city for Rs 91 crore. The land, situated in Kasara, will be used for a new plotted development project comprising around 500 plots totalling 1.5 million square feet. The project is slated to launch in the current quarter.

Realty firm Keystone Realtors Ltd has acquired 88-acre land near Mumbai for Rs 91 crore to undertake plotted development.

Mumbai-based Keystone Realtors, known for its Rustomjee brand, revealed in a regulatory filing that it has entered the plotted development segment with the acquisition of an 88-acre land parcel in Kasara.

The Kasara project will feature around 500 plots of various sizes, spanning a total of approximately 1.5 million (15 lakh) square feet.

This land purchase carries a total consideration of Rs 91 crore, with Rs 1 crore already paid and the remaining Rs 90 crore to be disbursed in a staggered manner over the next two years, the realty firm disclosed.

The company intends to launch the project within the current quarter.

"This move marks a significant milestone for Rustomjee, as it reflects our strategic vision to diversify and expand our portfolio," commented Boman Irani, Chairman and Managing Director of Keystone Realtors.

"We anticipate strong demand and traction in the plotted development segment, where organized and branded developers are largely absent. This makes it a highly attractive market to address evolving customer needs," Irani added.