Realty firm Rustomjee will invest about Rs 3,000 crore over the next four years on construction of its new luxury housing project in South Mumbai, a top company official said.
Rustomjee is expecting a sales revenue of Rs 5,800 crore from this 5.75 acre project, which is being developed in a join venture with the land owner, its CMD Boman R Irani told agencies.
The company has tied up with HDFC for funding of this project and construction work will be done by L&T.
“We have launched a luxurious project ‘Rustomjee Crown’ located in Prabhadevi, Mumbai. We will develop about 700 units in this project,” he said.
Irani said the majority of the units would be sold in a price range of Rs 8-14 crore, while some units would cost about Rs 18-20 crore.
The project has been conceptualized by renowned architect Hafeez Contractor and designed by Bangkok’s leading interior design firm PIA Interiors.
Irani said apartments in this project are ranging from 1,3352,528 sq ft (carpet area) overlooking the Arabian Sea.
Asked about the investment, he said the construction and licensing cost is estimated at around Rs 3,000 crore.
Irani said the project’s USP is 2.52 acre open to sky lush tropical podium landscape.
Commenting on the association, HDFC Chairman Deepak Parekh: “HDFC Ltd is the strategic finance partner for Rustomjee Crown and we are confident this project will redefine the way homes and living spaces are imagined in this part of the city”.
Rustomjee has 12.5 million square feet of completed projects; 15 million square feet of ongoing development and another 30 million square feet of planned development in the pipeline, spanning across the best locations of Mumbai Metropolitan Region (MMR).