NEW DELHI: Realty firm Keystone Realtors Ltd on Monday said it has bagged two housing societies in Mumbai for redevelopment and is expecting a revenue of Rs 1,200 crore from these two projects.
Mumbai-based Keystone Realtors markets its properties under Rustomjee brand.
In a regulatory filing, Keystone Realtors informed that it has been "selected as the developer of choice to redevelop the plot and premises of Veena Nagar Co-operative Housing Society Ltd & NeelKamal Ghruh Cooperative Housing Society Ltd on a combined land admeasuring ~12,120 square meters in Malad (W), Mumbai." In addition to rehousing 342 existing members of both the societies, this redevelopment will lead to sale potential of around 342,000 sq. ft. of RERA carpet area with the "expected Gross Development Value (GDV) of Rs 1,200 crore".
This development is in line with the company's strategy to build diversified portfolio across ticket sizes and will further strengthen its presence into the growing western suburbs of Mumbai.
The project is expected to be launched in next calendar year.