Ajmera Luxe Realty Private Limited (ALRPL), a joint venture between Ajmera Realty & Infra India Limited and Keystone Realtors Limited (Rustomjee), has embarked on a redevelopment project in Bandra West.

As per regulatory filing, the companies will hold a 50 per cent stake in the project, which is expected to generate a gross development value (GDV) of ₹760 crore.

Boman Irani, Chairman and Managing Director, Rustomjee, said, “At Rustomjee, we have been transforming locations into top preferences for discerning buyers. Bandra has been one of the key markets where we have delivered multiple marquee projects. We aim to provide residents with an elevated quality of life through upscale conveniences.”

Dhaval Ajmera, Director, Ajmera Realty, said, “The collaboration with Rustomjee in this joint venture for redevelopment marks a significant leap forward in fulfilling this commitment.” 

Keystone Realtors stock inched up by 0.91 per cent and traded at ₹703.65. Ajmera Realty & Infra stock surged by 6.44 per cent on the NSE and traded at ₹537.70 as of 1.58 pm.