Mumbai real estate: Ajmera Realty & Rustomjee Group partner for Bandra redevelopment project, aim Rs 760 crore GDV

Source: Money Control

Ajmera Luxe Realty Private Limited (ALRPL) a joint venture between Ajmera Realty & Infra India Limited (ARIIL) and Keystone Realtors Limited (Rustomjee Group) on January 18 announced a redevelopment project in Bandra West aiming Rs 760 crore of gross development value (GDV).

Both companies will hold a 50 percent stake in the project and the project is aimed at delivery of premium luxury residential apartments with an estimated carpet area of approximately 1,30,000 sqft for sale, according to the statement issued by ARIIL.

“Our unwavering commitment to elevating aging housing societies into a contemporary residential asset class, offering our customers a premium lifestyle, remains a driving force. Positioned to seize the growing demand, we strategically diversify our portfolio across Mumbai's luxury landscape. The collaboration with Rustomjee in this Joint Venture for redevelopment marks a significant leap forward in fulfilling this commitment," said Dhaval Ajmera, Director – Ajmera Realty.

“Our unwavering commitment to elevating aging housing societies into a contemporary residential asset class, offering our customers a premium lifestyle, remains a driving force. Positioned to seize the growing demand, we strategically diversify our portfolio across Mumbai's luxury landscape. The collaboration with Rustomjee in this Joint Venture for redevelopment marks a significant leap forward in fulfilling this commitment," said Dhaval Ajmera, Director – Ajmera Realty.

"This strategic joint venture will enable both companies to harness their respective capabilities, combining expertise and resources to fulfill commitment to excellence Bandra, being one of the most prestigious locations for homeownership, is poised to witness a surge in housing demand, further accentuated by concurrent infrastructure projects within the city, the statement added.

“At Rustomjee, we have been transforming locations into top preferences for discerning buyers. Bandra has been one of the key markets where we have delivered multiple marquee projects. This partnership with Ajmera Realty serves to reinforce our dedication to this mission. It establishes a symbiotic relationship benefiting the city, existing homeowners, and potential buyers alike," said Boman Irani, Chairman & Managing Director, Rustomjee.