Singapore-based real estate developer Keppel Land Ltd., through its wholly-owned Indian subsidiary, has entered into a joint venture with Rustomjee Group to develop Urbania integrated township, spread over 51.4 hectares in Thane.
“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. Since its launch in 2006, the Urbania township has housed 2,700 residential units amid comprehensive amenities,” Rustomjee Group said in a statement.
As per the agreement signed between the two parties, Keppel Land will acquire 49% stake in the joint venture company, Kapstone Constructions Private Ltd, for ₹409 crore. Kapstone will now be responsible to develop the township in different phases. The partners will jointly develop an addition of about 7,400 homes and retail units. The first phase will comprise 460 residential units and will involve an investment of ₹401 crore.
Ho Kiam Kheong, president (India), Keppel Land, said, “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 MMR. The partnership has landed on a rare opportunity of a development of such scale in Mumbai, which is experiencing rapid demand for quality homes.”