Keppel Land and Rustomjee Group have entered into a joint venture to construct a 51.4 hectare integrated Urbania township in Mumbai.

Keppel Land, based in Singapore, has established a joint venture with the Rustomjee Group through its wholly-owned subsidiary, with the aim to develop the 51.4-hectare integrated Urbania township of Thane in the Mumbai region, a company statement said.

Keppel Land is set to buy a 49% stake for over Rs 400 crore in the joint venture firm — Kapstone Constructions Pvt.

This is the first collaboration between an Indian development company and a Singaporean for a township in MMR that is among the fastest-growing regions of India. The Urbania Township has accommodated 2,700 residential units with substantial facilities since its launch in 2006.

“We are pleased to partner with Keppel Land, a proven pioneer developer from Singapore with over one hundred years of legacy and global experience in key Asian markets in our efforts to continue to serve Mumbai’s growing residential and commercial development. This is the beginning to build a strong partnership between two major developers in the MMR market, and we look forward to continuing in emerging together,” said Boman Irani, Chairman of the Rustomjee Group.

Once the acquisition is complete, Keppel Land and Rustomjee Group will jointly build an additional 7,400 houses and retail units covering roughly 5 million square feet on a total gross floor area. The first phase construction expense of the joint venture, which contains approximately 460 homes, is expected to be approximately Rs 401.6 crore.

“Our collaboration for this maturing integrated township with the Rustomjee Group is in line with Keppel Land’s strategy to improve our presence in high-growth areas such as MMR. This powerful collaboration has ended up in a rare opportunity of developing such a high-end project in Mumbai, where the market is experiencing rapid demand for quality homes,” said Ho Kian Kheong, President (India), Keppel Land.