Rustomjee Group Launches Ocean Vista: 32 Luxury Sea View Apartments Worth ₹600 Crore in Mumbai's Versova
The Rustomjee Group, a prominent real estate developer in Mumbai, has launched an exclusive luxury project named Ocean Vista in the Versova area. Theproject includes 32 premium 4 BHK apartments, each offering a carpet area between 2,394 to 2,521 square feet. Ocean Vista is set to offer unparalleled seaside living experiences, featuring unobstructed sea views from every floor, which sets a new benchmark for luxury living in Mumbai.
Boman Irani, the Chairman and MD of Rustomjee Group, highlighted that this development aims to redefine seaside living standards in Mumbai. Versova, located in the western suburbs of Mumbai, is well-connected with key city infrastructure such as the Mumbai Metro, Andheri railway station, and major arterial roads like Link Road, SV Road, and Western Express Highway (WEH). Additionally, it is situated close to Mumbai Airport, enhancing its appeal.
Rustomjee Group has projected a gross development value (GDV) of ₹600 crore from this project. This launch aligns with the company's broader strategy to focus on the redevelopment of old buildings in the Mumbai Metropolitan Region (MMR). Recently, the company ventured into plotted development with a 1.5 million sq ft project in Kasara near Igatpuri, a popular hill station.
The company also plans to concentrate on micro-markets such as Versova, Matunga West, Bandra East, and Chembur. This strategy is expected to capitalize on the growing demand for premium housing in these areas.
According to recent data, property registrations in the Mumbai real estate market increased by over 11% to 11,443 in June 2024, compared to 10,319 a year earlier. In May 2024, the market reported a total of 12,000 property registrations. Stamp duty collections also saw significant growth, rising by over 15% to ₹986 crore in May 2024 from ₹859 crore in June 2023.
The luxury housing segment in Mumbai has shown positive trends, with an 8% increase in sales in the first half of 2024, reaching a value of ₹12,300 crore. This growth reflects the sustained demand for high-end residential properties in the city, driven by factors such as improved infrastructure, connectivity, and lifestyle amenities.
Rustomjee Group's focus on luxury and redevelopment projects positions it to benefit from these market dynamics, leveraging its reputation for quality and innovation in the real estate sector. The Ocean Vista project is expected to attract discerning buyers seeking a blend of luxury, convenience, and exclusive sea views in one of Mumbai's prime locations.
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