Keystone Realtors to Redevelop 8 Societies in Mumbai, Eyes ₹1,775 Crore Revenue
Keystone Realtors Ltd will redevelop 8 housing societies in Mumbai and is expecting a revenue of Rs 1,775 crore from the free sale area of around 5 lakh square feet in the upcoming project.
Mumbai-based Keystone Realtors sells properties under the 'Rustomjee' brand. In a regulatory filing on Monday, the company informed that it has been appointed as the developer for a large society redevelopment project of Om Nagar Co-operative Housing Society Federation Limited.
The project involves the redevelopment of eight housing societies on a total land parcel of 20,569.90 square metres at Andheri (East), Mumbai. The proposed redevelopment will result in the rehousing of 637 existing members across all societies and is expected to unlock a significant free sale potential of about 5 lakh sq ft of RERA carpet area, with an estimated Gross Development Value (GDV) of Rs 1,775 crore.
Keystone Realtors CMD Boman Irani said the company is increasing its focus on large society redevelopment, and this project further enhances its presence in a strategically important suburban market. The company has a substantial portfolio of projects spanning the Mumbai Metropolitan Region (MMR), with 38 completed projects, 20 ongoing projects, and 24 forthcoming projects.
The redevelopment project is a significant step for Keystone Realtors, as it not only expands their portfolio but also strengthens their position in the Mumbai real estate market. The project's success is expected to set a new benchmark for urban redevelopment in the region, providing modern, high-quality living spaces for the existing members while generating substantial revenue from the free sale area.
Mumbai, known for its dense population and high demand for residential properties, has seen a growing trend in the redevelopment of old housing societies. This trend is driven by the need for better infrastructure, modern amenities, and the efficient use of land resources. Keystone Realtors' involvement in this project aligns with the city's development goals and the increasing demand for sustainable and well-planned residential complexes.
The company's experience in managing large-scale projects and its commitment to delivering high-quality developments make it a suitable choice for this ambitious redevelopment initiative. With the expected revenue and the potential to create a positive impact on the local community, this project is poised to be a significant milestone in Keystone Realtors' growth story.
