Keppel Land partners with Indian developer to build Mumbai township

Keppel Land will acquire a 49% stake in the JV company for $78.2m.

Keppel Land has entered into a joint venture (JV) with Indian developer, Rustomjee Group, to build the 51.4-hectare Urbania integrated township located in the Thane district of Mumbai Metropolitan, according to a release.

Through its wholly-owned subsidiary, Lipalton, Keppel Land will be acquiring a 49% stake in the JV company, Kapstone Constructions Private Limited for about $78.2m.

The Urbania township in Mumbai has housed 2,700 residential units since its launch in 2006.

Upon completing the acquisition, Keppel Land and Rustomjee Group will develop an additional 7,400 homes and retail units with a total gross floor area of about 5 million sqft.