Rustomjee in JV unveils 127-acre township in Thane

Rustomjee in JV unveils township in Thane

A Singapore-based real estate firm, Keppel Land, which is an arm of diversified company Keppel Corporation, has entered into a joint venture with realty developer Rustomjee Group to develop an integrated township project on an 127 acre area in Thane on the outskirts of Mumbai. The offshore firm is acquiring 49% stake in the joint venture company Kapstone Constructions for around ₹410 crore. This is an alliance between a Singaporean and an Indian developer for any project in Mumbai Metropolitan Region. Keppel Land, prior to this, has also entered into a joint venture with Bangalore-based Puravankara. Keppel Puravankara Development, has also bought a 7.6 acre land parcel in Bangalore for ₹405 crore to develop its first commercial office-cum-retail project, while the joint venture with Rustomjee will be developing an integrated township, first such project for Keppel in India. Apart from this, Keppel and Rustomjee will jointly explore more development opportunities in MMR as the local player will be Keppel's exclusive alliance partner for the region, said Chairman of the Rustomjee Group, Boman Irani, adding that they are confident that this joint venture will be a win-win partnership for both the players. As a matter of fact, this is a beginning of two large developers coming together to build a strong partnership in the Mumbai Metropolitian Region market and looking forward to great growth together.