Keyblue Realtors Pvt. Ltd. an entity of Rustomjee has signed a development deed in Ambernath within the jurisdiction of Kalyan Dombivali Jurisdiction worth Rs 116 crore.
By Varun Singh
The Kalyan Dombivali Municipal Corporation jurisdiction has seen a mega realty deal, where a development agreement between Keyblue Realtors Pvt. Ltd. an entity of Rustomjee and three landlords was signed.
The deed is worth Rs 116.23 crore and the three landlords include Vaibhav Gaikwad, Bhagwati Jain, and Rakesh Jain. The development deed concerned is located in Ambernath, the land falls in the KDMC jurisdiction.
According to documents made available by CRE Matrix, a real estate data analytics firm, the development deed was signed between both parties on September 30.
The total area mentioned in the agreement copy is 5,10,208 sq ft, where as the total consumption of FSI is 21,32,456 sq ft.
A stamp duty of Rs 5,81,19,600 was paid for the registration of the development deed.
The KDMC area in the last few years has seen a huge development in terms of top realtors eyeing the area. The extended suburbs of Mumbai, KDMC is part of Mumbai Metropolitan Region.
Developers see this market with a development potential for various reasons, with many firms moving to Navi Mumbai especially the Belapur-Thane road, which is closeby to Kalyan and Dombivali vis Shil road, makes this area a lucrative option for developers.
Also compared to many areas in Mumbai, Kalyan and Dombivali rates are still affordable thus helping many make a move. However, the rates have jumped to the higher side in the last few years.
KDMC recently has seen several developments, including big townships and good investments too. Hence, this huge deal doesn’t come as a major surprise, as when an area develops, the land in that area becomes a gold mine and this is happening with almost all the places in and around Mumbai Metropolitan Region.
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