Mumbai, January 18, 2024, 01:51 PM IST – In a strategic move to tap into the thriving Mumbai real estate market, Ajmera Luxe Realty Private Limited (ALRPL), a joint venture between Ajmera Realty & Infra India Limited (ARIIL) and Keystone Realtors Limited (Rustomjee Group), announced a redevelopment project in the upscale Bandra West. The project, with an ambitious gross development value (GDV) of Rs 760 crore, is set to redefine luxury living in the region.
Key Details of the Project:
- Stakeholder Collaboration: Ajmera Realty and Rustomjee Group will jointly hold a 50 percent stake in the Bandra redevelopment project.
- Project Aim: The initiative aims to deliver premium luxury residential apartments with an estimated carpet area of approximately 130,000 sqft for sale.
- Strategic Focus: The collaboration is strategically designed to transform aging housing societies into a contemporary residential asset class, offering customers a premium lifestyle.
Bandra Real Estate Landscape:
In recent times, the Bandra residential real estate market has witnessed numerous launches, particularly in the coveted Pali Hill area, where the per sqft rate for luxury apartments exceeds Rs 1 lakh. This indicates a growing demand for high-end residential properties in the region.
Statement from Ajmera Realty:
Dhaval Ajmera, Director of Ajmera Realty, expressed the company’s commitment to elevating housing societies and diversifying their portfolio across Mumbai’s luxury landscape. He stated, “The collaboration with Rustomjee in this Joint Venture for redevelopment marks a significant leap forward in fulfilling this commitment.”
Joint Venture Objectives:
The core objective of this collaboration is to present a distinctive and premium offering in the upscale locale of Bandra. By leveraging the collective strengths of Ajmera Realty and Rustomjee, the joint venture aims to deliver a unique product that stands out in the market.
Strategic Impact:
“This strategic joint venture will enable both companies to harness their respective capabilities, combining expertise and resources to fulfill a commitment to excellence,” mentioned the company statement. Bandra, known as one of the most prestigious locations for homeownership, is expected to witness increased housing demand, further accentuated by concurrent infrastructure projects within the city.
Quote from Rustomjee Group:
Boman Irani, Chairman & Managing Director of Rustomjee, emphasized the importance of the partnership in reinforcing their dedication to transforming locations into top preferences for discerning buyers. He stated, “Bandra has been one of the key markets where we have delivered multiple marquee projects. This partnership with Ajmera Realty serves to establish a symbiotic relationship benefiting the city, existing homeowners, and potential buyers alike.”
Conclusion:
The Ajmera Realty and Rustomjee Group collaboration signals a significant development in the Bandra real estate landscape. With a focus on delivering premium luxury residential apartments, the joint venture aims to cater to the increasing demand for high-end living in one of Mumbai’s most sought-after locations. As the project unfolds, it is poised to reshape the narrative of luxury living in Bandra West.
