Rustomjee runs ahead

"We are very much in the race and we are confident of winning the project,” stated construction magnate Boman Irani, according to a report in the Daily News and Analysis (DNA) dated October 7, 2015, referring to the redevelopment of Abhyudaya Nagar, a complex of 48 buildings housing over 3,200 tenements. Located in central Bombay, the estate that spans 33 acres of prime land, "will be one of the biggest cluster redevelopment projects in the city’s history,” according to the newspaper. In the bidding for the project, four developers were reportedly shortlisted, including Keystone, which is part of Irani’s Rustomjee group of companies, the others being Dynamix Realty (a DB group company), a consortium of Tata Housing and Ornate Housing, and Omkar Developers.

Boman Irani: cluster development

The report mentions that "to bag the project, a developer needs the support of at least 25 societies within the complex,” and states 19 of the 21societies that have completed their choices have opted for Keystone. Keystone had reportedly offered the residents of each tenement 530 sq ft of carpet area "and additional 50 sq ft.” While opponent Ornate had termed this a conditional bid and claimed that Keystone’s candidature was rejected, the management committee of Abhyudaya Nagar decided to back Keystone, "arguing that residents will be deprived of all options before them if Keystone were to be left out.”
Irani is reported to have said that they (Rustomjee) have done nothing wrong and, above all, the people preferred them.