SOUTHEAST ASIA CONSTRUCTION15 Dec 2019
Keppel and Rustomjee to develop integrated township in Mumbai
Keppel Land is partnering the Rustomjee Group to develop homes and retail units in the Urbania integrated township, India.
Keppel Land Limited, through its wholly-owned subsidiary, has entered into a joint venture with the Indian developer Rustomjee Group to jointly develop the 51.4-ha Urbania integrated township located in Thane, a district within the Mumbai Metropolitan Region, India.
This is reportedly the first such collaboration between a Singaporean developer and an Indian developer for a township in the Mumbai Metropolitan Region, which is among India’s fastest-growing regions. Since its launch in 2006, the Urbania township has housed 2,700 residential units amid comprehensive amenities.
Keppel Land will be acquiring a 49% stake in the joint venture company, Kapstone Constructions Private Limited. “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) at Keppel Land.
“We will leverage the Rustomjee Group's extensive network and deep knowledge of the local property market, as well as Keppel Land’s international experience and strong execution capabilities to develop a highly liveable and vibrant township,” added Mr Ho. Completion of the acquisition is expected to take place around the first quarter of 2020.
Upon completion of the acquisition, Keppel Land and Rustomjee Group will jointly develop an addition of about 7,400 homes and retail units with a total gross floor area of approximately 5 mil sq ft. The development cost for the first phase under the joint venture, which will comprise approximately 460 residential units, is expected to be approximately INR 4,016 million.
Boman Irani, chairman of the Rustomjee Group said, “In our endeavour to continue serving the growing housing and commercial developments of the Mumbai Metropolitan Region, we are pleased to partner with Keppel Land, an established premier developer from Singapore with a legacy of over a hundred years and with an international experience in key Asian markets. Our interactions with the Keppel Land team has been a great experience of sharing and learning. 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 Metropolitian Region market and we look forward to great growth together.”
Image: Keppel Land