Keystone Realtors Secures ₹3,000 Crore Cluster Redevelopment Project in Mumbai
Mumbai-based Keystone Realtors, part of the Rustomjee Group, has been chosen to develop a cluster of housing societies in Andheri West, Mumbai. The project, valued at ₹3,000 crore, will unlock significant saleable area in one of the city's prime residential zones.
Real EstateRedevelopmentAndheri WestRustomjee GroupMumbaiReal Estate MumbaiJul 02, 2025
The development agreement (DA) has already been executed with five of these societies, while letters of intent (LoIs) have been received from the remaining three. The execution of the remaining DAs is expected to be completed within the next few days. This project involves the redevelopment of a cluster of private housing societies located in Andheri West's Lokhandwala area, spanning a cumulative plot area of approximately 4.75 acres (19,229 square metres). The project will encompass 548 existing members and is expected to unlock a saleable area of approximately 10.6 lakh square feet for Rustomjee.
The project is part of Rustomjee's broader strategy to expand its presence in prime suburban markets and build a well-diversified portfolio across various micro-markets and ticket sizes. Boman Irani, Chairman and Managing Director of Keystone Realtors (Rustomjee Group), expressed his pride in being selected as the preferred redevelopment partner for this large-format society cluster in Andheri West. He stated, “This project, with a GDV of nearly ₹3,000 crore and a significant development footprint, exemplifies our focus on scale, location, and value creation.”
Recently, Keystone Realtors received the letter of acceptance (LoA) for the redevelopment of 25 buildings in GTB Nagar, Sion Koliwada, Mumbai, from the Maharashtra Housing and Area Development Authority (Mhada). This project has a GDV of ₹4,521 crore, further solidifying the company's position in the redevelopment market.
Andheri West has seen robust property market activity in the past year. According to Square Yards Data Intelligence, a real estate data analytics firm, the area witnessed 1,410 new property sale transactions with a gross sales value of ₹3,638 crore between April 2024 and March 2025. The average property rate in the area stood at ₹49,244 per square foot as of the first quarter of the calendar year 2025 (Q1 CY25), up from ₹47,416 per square foot in Q1 CY24.
Keystone Realtors' selection for this project underscores the company's reputation for delivering high-quality, well-planned developments in key locations. The successful execution of this project is expected to enhance the quality of life for the residents and contribute to the overall development of the Andheri West area.
Frequently Asked Questions
What is the estimated gross development value (GDV) of the project?
The estimated gross development value (GDV) of the project is around ₹3,000 crore.
How many housing societies are involved in this redevelopment project?
The project involves eight housing societies in Andheri West, Mumbai.
What is the total plot area of the redevelopment project?
The project spans a cumulative plot area of approximately 4.75 acres (19,229 square metres).
How much saleable area is expected to be unlocked by this project?
The project is expected to unlock a saleable area of approximately 10.6 lakh square feet for Rustomjee.
What other significant projects has Keystone Realtors been involved in recently?
Keystone Realtors recently received the letter of acceptance (LoA) for the redevelopment of 25 buildings in GTB Nagar, Sion Koliwada, Mumbai, with a GDV of ₹4,521 crore.
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