Keppel Land and Rustomjee Group to jointly develop integrated township in Mumbai suburb

Singapore based Keppel Corporation's property arm Keppel Land will join hands with Rustomjee Group to develop an integrated township spread over 50 acres in the Mumbai suburb of Thane.

“Our collaboration with the Rustomjee Group for this maturing integrated township is in line with Keppel Land’s strategy to strengthen our presence in high-growth areas such as the Mumbai Metropolitan Region. The partnership has landed on a rare opportunity of a development of such scale in Mumbai, which is experiencing rapid demand for quality homes,” said Ho Kiam Kheong, President (India), Keppel Land.

Keppel Land will be acquiring 49 percent stake in the joint venture company Kapstone Constructions for around Rs 410 crore in first-ever collaboration between a Singaporean developer and an Indian developer for a township in the Mumbai region, a press release said.

Boman Irani, Chairman of the Rustomjee Group said that the companies will jointly develop an addition of about 7,400 homes and retail units upon completion of the acquisition. "We are confident that this joint venture will be a win-win partnership. This is a beginning of two large developers coming together to build a strong partnership in the Mumbai Metropolitan Region market and we look forward to great growth together," he said.

Earlier, the Singaporean group had entered into a joint venture with Bangalore-based Puravankara for the development of a commercial office-cum-retail project in the Karnataka capital.