Real estate majors Rustomjee Group and Ajmera Reality have come together for a society redevelopment project in Bandra West, Mumbai with luxury residential apartments.
The project will yield luxury residential apartments with an estimated carpet area of approximately 130,000 sq. ft for sale.
Both companies will have a 50% stake in the project which aims for a Gross Development Value (GDV) of Rs 760 crores.
“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 JV aims to deliver a unique product that stands out in the market,” said the groups.
Rustomjee, founded in 1995, is one of the leading and renowned real estate developers in Mumbai. It has completed 34 projects so far, spread over 23 million square feet. Another 12 projects spread over 39 + million square feet are in the works. These projects include two very large townships, residential spaces, office complexes, retail developments and spaces for healthcare and education.
Ajmera Reality is also a company with a high reputation and a pan India presence. The current projects of Ajmera Reality in Mumbai are “Manhattan”, “Prive” and “Eden”. It also runs various premium residential development projects in Bengaluru such as “Ajmera Lugaano” and “Ajmera Florenza”.