Rustomjee Group to Diversify into Data Centers and Plotted Development Projects
Mumbai real estate market: Rustomjee Group plans to foray into data centers and launch plotted development projects
Rustomjee GroupData CentersPlotted DevelopmentMumbai Real EstateKeystone RealtorsReal Estate NewsMay 27, 2024
The company also plans to raise funds via qualified institutional placement (QIP) of equity shares. According to Irani, the company will continue to explore potential in other real estate segments as well. \We are exploring plotted developments, we are exploring data centers, just to name a few, to be able to kind of grow our positioning and serve across various segments in this micro market itself or in this large market itself,\ Irani said.
Rustomjee Group plans to diversify into data centers probably because the company has land banks and the development capabilities to construct data centers, said real estate consultants. A data center refers to the physical infrastructure that stores and shares applications and data. It comprises components that include switches, storage systems, servers, routers, and security.
According to a report by JLL India, The Data Centre (DC) industry in India is set to witness remarkable growth, with projections of adding 791 MW capacity by 2026. This expansion will drive a demand for 10 million sq. ft. of real estate space, attracting investments worth $5.7 billion.
The company is also planning to launch its first plotted development project in Kasara Ghat near hill station Igatpuri, about three to four hours from Mumbai. The company also has plans to come up with a plotted development project in Manori in Mumbai having a potential of 0.33 million sq ft, according to an investors' presentation.
Speaking about the company's expansion plans, Irani said, that he is “happy to welcome other developers into the Mumbai market and every time I ask them why they come here, they say the market is deep, the market is wide.” “That further increases my confidence in the market where I am. It is better to continue to grow out here because the growth potential out here is huge and personally as a company, we believe that there is tremendous potential in the MMR area and the MMR area per se will keep growing,” Irani said.
On launching real estate projects in other areas, Irani said that the company would earlier restrict itself to launching real estate projects in Virar and maybe, Thane. “Now we have moved towards Dombivli, we are exploring areas in Palghar, Boisar and who knows over time with the way the infrastructure development is taking place, Pune might become a sister city to Mumbai if not an extension of the city itself,” he said.
Rustomjee Group is a listed real estate developer currently active in the redevelopment space in the Mumbai Metropolitan Region (MMR). The company has a strong presence in the MMR area and is now planning to expand into new verticals.
Keystone Realtors Ltd, also known as Rustomjee Group, is a listed real estate developer with a strong presence in the Mumbai Metropolitan Region (MMR). The company is led by Boman Irani, chairman and managing director.
Frequently Asked Questions
What is Rustomjee Group planning to foray into?
Rustomjee Group is planning to foray into the data centers segment and launch plotted development projects
What is the growth potential of data centers in India?
The Data Centre (DC) industry in India is set to witness remarkable growth with projections of adding 791 MW capacity by 2026
Where is Rustomjee Group planning to launch its first plotted development project?
Rustomjee Group is planning to launch its first plotted development project in Kasara Ghat near hill station Igatpuri about three to four hours from Mumbai
What is the potential of the MMR area according to Rustomjee Group?
According to Rustomjee Group the MMR area has tremendous potential and will continue to grow
Why is Rustomjee Group diversifying into data centers?
Rustomjee Group is diversifying into data centers probably because the company has land banks and the development capabilities to construct data centers
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