According to Boman Irani, CMD of Rustomjee Group, better known as Keystone Realtors, redevelopment in Mumbai has been here for more than 20 years and presents enormous prospects for new real estate developers wishing to enter the market from other cities.
Since a lot of developers are vying for this sector, I don’t worry about it. Mumbai’s old building redevelopment industry is so large that there are plenty of options. Mumbai’s redevelopment space will gain value from new participants,” he said.
The entry of other developers into the Mumbai redevelopment industry does not seem like a danger to him.
They bring a healthy sense of competition with them, which is why I see it as a benefit. When asked if he saw developers from other cities starting redevelopment projects in Mumbai as a danger, he replied, “And quite honestly, it is better to have well-capitalized, large developers enter the same space so that there is no knee-jerk reaction.”
The business presently operates in the Mumbai Metropolitan Region (MMR) redevelopment market and has aspirations to progressively enter the data centre and planned development markets.
“I don’t believe that Mumbai’s renovation will stop in the next 20 years. And if we look at the history of cities that have been constructed and reconstructed all over the world, Mumbai will eventually write a complete chapter—if not the entire book—on regeneration. There are therefore many opportunities. “More developers wanting to enter this space doesn’t bother me,” Irani continued.
Irani stated that the business is willing to start ventures outside of MMR. “But to be honest, I think MMR is getting bigger. I mean, I think Palghar Boisar is an MMR area, and you know what, it has a lot of growth potential,” Irani stated.
Source: Hindustan Times
