Keppel Land entered into joint venture with Rustomjee Group to develop integrated township

Singapore-based diversified conglomerate Keppel Corporation's property arm Keppel Land has entered into a joint venture with realty developer Rustomjee Group to develop an integrated township project spread over 127 acre in Thane near Mumbai. Keppel Land will be acquiring 49% stake in the joint venture company Kapstone Constructions for around Rs 410 crore. This is first such alliance between a Singaporean and an Indian developer for any project in Mumbai Metropolitan Region. Keppel Land, prior to this, has also entered into a joint venture with Bangalore-based Puravankara. Keppel Puravankara Development has bought a 7.6 acre land parcel in Bangalore for Rs 405 crore to develop its first commercial office-cum-retail project, while the joint venture with Rustomjee will be developing an integrated township, first such project for Keppel in India. Apart from this project, Keppel and Rustomjee will jointly explore more development opportunities in MMR. Rustomjee will be Keppel’s exclusive alliance partner for the region. Since its launch in 2006, the Urbania township has housed 2,700 residential units amid comprehensive amenities.