Mumbai: Realty developer Keystone Realtors, part of the Rustomjee Group, has secured rights to undertake a large layout cluster redevelopment of a total 8 housing societies spread over around 4.75 acres in Mumbai’s western suburb Andheri.
The proposed redevelopment is expected to unlock a saleable area of over 1.06 million sq ft and generate a Gross Development Value (GDV) of over Rs. 3,000 crores. The project involves the redevelopment of a cluster of private housing societies with a total 548 existing members.
This development aligns with the listed company’s strategy to expand its presence in prime suburban markets and build a well-diversified portfolio across micro-markets and ticket sizes.
With this addition, Rustomjee has further strengthened its project pipeline for the current financial year, continuing its momentum of adding strategically located high-potential redevelopment projects in key city clusters.
“The project has a gross development value of around Rs 3,000 crore. It is part of our focus on cluster redevelopment in key city locations. The model is based on scale and standardised processes, and reflects the growing interest in this approach. It allows for more efficient planning, execution, and use of infrastructure across multiple housing societies, with the aim of delivering a unified gated community,” said Boman Irani, CMD, Keystone Realtors.
This is the second large cluster redevelopment project secured by the listed developer. On Monday, the Maharashtra Housing and Area Development Authority (MHADA) appointed the company to undertake the redevelopment of 25 buildings at Guru Teg Bahadur Nagar locality in central Mumbai's Sion Koliwada.
The colony spans over 11.20 acres and will yield 25,700 sq. m. of built-up space for MHADA as housing stock, with an FSI of 4.5, including fungible area.
The project will rehabilitate over 1,200 families of Sindhi refugee origin. The buildings, originally constructed in 1958 for post-independence migrants, were declared unsafe in 2020 and subsequently demolished by the Municipal Corporation of Greater Mumbai (MCGM).
Following this, the affected residents had to seek alternative accommodation on their own. In response to consistent appeals made by the tenant societies, the State Government approved the redevelopment of the site through MHADA, despite the land being privately owned.
Keystone Realtors has so far completed 37 projects in the Mumbai Metropolitan Region. Its development portfolio includes 16 ongoing and 26 upcoming projects covering segments from affordable to super-premium. It has so far delivered over 26 million sq ft and has over 40 million sq ft in the pipeline. The company follows an integrated development model with a strategic asset-light approach.
The proposed redevelopment is expected to unlock a saleable area of over 1.06 million sq ft and generate a Gross Development Value (GDV) of over Rs. 3,000 crores. The project involves the redevelopment of a cluster of private housing societies with a total 548 existing members.
This development aligns with the listed company’s strategy to expand its presence in prime suburban markets and build a well-diversified portfolio across micro-markets and ticket sizes.
With this addition, Rustomjee has further strengthened its project pipeline for the current financial year, continuing its momentum of adding strategically located high-potential redevelopment projects in key city clusters.
“The project has a gross development value of around Rs 3,000 crore. It is part of our focus on cluster redevelopment in key city locations. The model is based on scale and standardised processes, and reflects the growing interest in this approach. It allows for more efficient planning, execution, and use of infrastructure across multiple housing societies, with the aim of delivering a unified gated community,” said Boman Irani, CMD, Keystone Realtors.
This is the second large cluster redevelopment project secured by the listed developer. On Monday, the Maharashtra Housing and Area Development Authority (MHADA) appointed the company to undertake the redevelopment of 25 buildings at Guru Teg Bahadur Nagar locality in central Mumbai's Sion Koliwada.
The colony spans over 11.20 acres and will yield 25,700 sq. m. of built-up space for MHADA as housing stock, with an FSI of 4.5, including fungible area.
The project will rehabilitate over 1,200 families of Sindhi refugee origin. The buildings, originally constructed in 1958 for post-independence migrants, were declared unsafe in 2020 and subsequently demolished by the Municipal Corporation of Greater Mumbai (MCGM).
Following this, the affected residents had to seek alternative accommodation on their own. In response to consistent appeals made by the tenant societies, the State Government approved the redevelopment of the site through MHADA, despite the land being privately owned.
Keystone Realtors has so far completed 37 projects in the Mumbai Metropolitan Region. Its development portfolio includes 16 ongoing and 26 upcoming projects covering segments from affordable to super-premium. It has so far delivered over 26 million sq ft and has over 40 million sq ft in the pipeline. The company follows an integrated development model with a strategic asset-light approach.
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