Rustomjee Group Launches Luxury Sea-View Apartments in Mumbai's Versova with ₹600 Crore Revenue Potential
July 15, 2024, Mumbai: Rustomjee Group, a prominent Mumbai-based real estate developer, has unveiled a new luxury project, "Ocean Vista," in Versova. This premium development comprises 32 luxurious 4 BHK sea-facing apartments, each with a carpet area ranging from 2,394 to 2,521 square feet. The project is expected to generate a gross development value (GDV) of ₹600 crore.
The Rustomjee Group, also known as Keystone Realtors, stated that Ocean Vista aims to set new standards in luxury seaside living, featuring unobstructed sea views from every floor. "We are proud to announce the launch of ‘Ocean Vista,’ a landmark project that redefines seaside living in Mumbai. Located in Versova, this unique beachfront and sea-facing development sets a new benchmark for luxury living," said Boman Irani, chairman and managing director of Rustomjee Group.
Versova, situated in Andheri, Mumbai's western suburbs, is well-connected by the Mumbai Metro (Versova to Ghatkopar link), Andheri railway station, and major roads like Link Road, SV Road, and Western Express Highway (WEH). It is also in close proximity to Mumbai Airport, making it a prime location for luxury real estate.
In addition to this project, Rustomjee Group is focusing on the redevelopment of old buildings in the Mumbai Metropolitan Region (MMR). Recently, the company announced its entry into a plotted development project in Kasara near Igatpuri, a hill station approximately three hours' drive from Mumbai.
The Mumbai real estate market has shown robust growth, with property registrations increasing by over 11% to 11,443 in June 2024 from 10,319 in June 2023, according to data from the Inspector General of Registration and Controller of Stamps of Maharashtra. In May 2024, 12,000 property registrations were recorded.
Stamp duty collections from property registrations in Mumbai surged by more than 15%, reaching ₹986 crore in May 2024 compared to ₹859 crore in June 2023. In May 2024, stamp duty collections amounted to ₹1,034 crore, indicating strong activity in the real estate market.
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