A few days ago, Boman Irani , CMD of Mumbai-based Rustomjee Group, also known as Keystone Realtors, had stated that he does not lose sleep over new real estate developers from other cities wanting to enter the redevelopment space in the financial capital. He rather looks at it as an advantage because “they bring with them a healthy competitive spirit.” “I don't lose sleep over this as many developers are wanting to enter this space.
The size of the redevelopment market of old buildings in Mumbai is so huge that there is no dearth of opportunities. New players will add value to redevelopment space in Mumbai.” he had recently said at an investors’ call.
"I look at it as an advantage because they bring with them a healthy competitive spirit. And quite honestly, it is better to have well capitalized, large developers enter the same space so that there is no knee-jerk reaction,” he had said. In the past decade, at least half a dozen real estate developers from Bengaluru have expanded their presence in Mumbai.
Several firms such as Bengaluru-based Prestige Group and Puravankara have either entered or announced their foray into the Mumbai real estate market. But why do developers want a share of the Mumbai real estate market? This is primarily to expand and consolidate their presence across cities, said real estate experts. The expansion pattern is more evident with listed real estate developers rather than that of unlisted or mid-sized realtors in these cities, experts .
