{"id":2916,"date":"2022-10-11T11:06:00","date_gmt":"2022-10-11T05:36:00","guid":{"rendered":"https:\/\/www.crematrix.com\/blog\/?p=2916"},"modified":"2026-05-06T11:17:31","modified_gmt":"2026-05-06T05:47:31","slug":"rustomjee-group-to-develop-2-mn-sq-ft-affordable-housing-project-in-kalyan","status":"publish","type":"post","link":"https:\/\/www.crematrix.com\/blog\/rustomjee-group-to-develop-2-mn-sq-ft-affordable-housing-project-in-kalyan\/","title":{"rendered":"Rustomjee Group to Develop 2 Mn Sq Ft Affordable Housing Project in Kalyan"},"content":{"rendered":"\n

India\u2019s residential real estate market is seeing steady growth across emerging locations. Peripheral areas near Mumbai are attracting strong developer interest due to improved infrastructure and connectivity. In line with this trend, Rustomjee Group has entered into a joint development agreement in Kalyan. According to documents accessed by CRE Matrix<\/a>, the move marks its entry into the eastern region and reflects expansion into new micro-markets.<\/p>\n\n\n\n

Affordable Housing Project Details in Kalyan<\/strong><\/h2>\n\n\n\n

The company will execute the plan on a 12-acre land parcel with a potential of nearly 2 million sq ft. It plans to invest over \u20b9500 crore and complete the work within five years. As part of the deal, the company will share 21% of the built-up area with the landowners as compensation. This structure follows a standard joint development model in residential real estate.<\/p>\n\n\n\n

Joint Development Deal Structure<\/strong><\/h2>\n\n\n\n

Keyblue Realtors executed the deal with three local landlords. The subsidiary will oversee execution and manage on-ground activities. In addition to the built-up share, it will pay a refundable deposit of \u20b920 crore to the landowners. The parties registered the transaction on September 30.<\/p>\n\n\n\n

Project Planning and Development Timeline<\/strong><\/h2>\n\n\n\n

Within 45 days of registration, a tentative master plan will be submitted to the landowners. This plan will include layout details, building positions, and construction timelines. It will also outline delivery schedules and the sequence of execution. In addition, the plan will list approvals and permissions required, which will be obtained by the landowners.<\/p>\n\n\n\n

Rustomjee Group Pricing Strategy and Portfolio<\/strong><\/h2>\n\n\n\n

The plan focuses on affordable housing with units priced between \u20b950 lakh and \u20b975 lakh. This pricing targets mid-income homebuyers seeking options in suburban locations. Keystone Realtors, operating under the Rustomjee brand, has a strong presence in the Mumbai Metropolitan Region. As of March 2022, it had 32 completed developments, 12 ongoing sites, and 19 upcoming launches across segments.<\/p>\n\n\n\n

Real Estate Growth in Mumbai\u2019s Peripheral Areas<\/strong><\/h2>\n\n\n\n

Peripheral areas around Mumbai are witnessing strong growth in residential activity due to infrastructure upgrades and improved connectivity. Government initiatives supporting affordable housing are also driving demand. As a result, locations like Kalyan are emerging as key residential hubs for developers and buyers. This shift highlights the growing importance of suburban markets in the region.<\/p>\n\n\n\n

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Media Mentions<\/strong><\/h2>\n\n\n\n