Keystone Realtors buys out Prabhadevi project Rustomjee Crown for Rs 231 cr

Realty developer Rustomjee Group's wholly owned subsidiary Kingmaker Developers has acquired 100% equity and preference shares of DB Realty’s subsidiary Realgem Buildtech for over Rs 231.42 crore.

This clears the way for Rustomjee Group’s listed entity Keystone Realtors to take over Rustomjee Crown, a premium residential project in Mumbai’s Prabhadevi locality as the developer of the project, the company said in a regulatory filing.

Keystone Realtors has been developing this project since March 2018 through a development management agreement (DMA) with DB Realty.


The transaction is expected to provide Rustomjee Group cash flow benefit worth Rs 60 crore in the first year and over Rs 300 crore over the entire project cycle.

Consequent to this transaction, Realgem Buildtech will cease to be a wholly owned subsidiary of DB Realty and will allow Keystone Realtors to consolidate its portfolio.

“In light of the above, the scheme of arrangement filed earlier by Realgem Buildtech with National Company Law Tribunal (NCLT), Mumbai Bench for transferring the Project “Rustomjee Crown” will be redundant and shall stand withdrawn. Necessary application for the same shall be filed by RGBPL in due course,” DB Realty said in its regulatory filing.

The said acquisition by the Kingmaker Developers will be subject to the completion of customary conditions precedent.