Keppel Land has entered into a joint venture with Indian developer Rustomjee Group to jointly develop a 51.4ha township in Thane, a mature and well-connected district in the Mumbai Metropolitan Region in India.
The township is called Urbania and was launched in 2006. It already comprises 2,700 residential units and some amenities. This joint venture is the first such township development between a Singaporean developer and an Indian developer in the area.
Keppel will acquire a 49% stake in the joint venture company, Kapstone Constructions, at a consideration of about INR4,091 million ($78.2 million). Ho Kiam Kheong, president (India) at Keppel Land, says: “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.”
The joint venture will develop an additional 7,400 homes and retail units with a total gross floor area of about 5 million sq ft. The development cost for the first phase, which will comprise 460 residential units, is expected to be INR4,016 million ($76.8 million).
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