Keppel Land Partners with Rustomjee Group to Develop an Integrated Township

Keppel Land enters a joint venture with leading Indian developer, Rustomjee Group, to jointly develop the 51.4 hectare Urbania integrated township in Thane, which will be a matured and well-connected district within the Mumbai Metropolitan Region, India. The township has housed 2,700 residential units amid comprehensive amenities since its inception in 2006. This is 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.

Keppel Land will acquire a 49% stake in the joint venture company, Kapstone Constructions Private Limited, at a consideration of about Rupees 4,091 million. 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 five million square feet. The development cost for the first phase under the joint venture, which will comprise approximately 460 residential units, is expected to be approximately Rs. 4016 million. Completion of the acquisition is subject to the satisfaction of certain conditions precedent and is expected to take place in around the first quarter of 2020.

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

Commenting on the partnership, Boman Irani, Chairman, Rustomjee Group, says, "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."

“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,” avers Ho Kiam Kheong, President, Keppel Land India. "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," he concludes.