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The rating for Rustomjee Realty Private Limited has been upgraded from [ICRA]BBB (Stable) to [ICRA]BBB+ (Stable) due to synergies from being part of the established Rustomjee Group and implicit support from its parent company Keystone Realtors Limited. The rating upgrade also considers healthy sales and collections from the Rustomjee Elements project. However, the rating remains constrained by market risk associated with the sale of a high value mansion, as well as geographical and sector concentration risk

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