Rustomjee Group Secures ₹1,775 Crore Redevelopment Project in Mumbai's Andheri

Mumbai-based listed real estate developer Keystone Realtors, also known as Rustomjee Group, announced on February 16 that it has been selected as the developer of choice for the redevelopment of eight housing societies in Mumbai's Andheri area. The project, with a revenue potential of ₹1,775 crore, marks a significant addition to the company's growing redevelopment portfolio.

The company stated that the project comprises eight housing societies of the Om Nagar Co-operative Housing Society Federation in Andheri East. The proposed redevelopment will result in the rehousing of 637 existing members across all societies. It is expected to unlock a significant free sale potential of five lakhs sq ft of RERA carpet area, with an estimated Gross Development Value (GDV) of ₹1,775 crores.

Keystone Realtors Limited, in a regulatory filing, mentioned, “The project will be developed on the combined land measuring approximately 20,569.90 square meters in Andheri (East), Mumbai, Maharashtra.” The project is a testament to Rustomjee’s strategic focus on large-scale redevelopment and value creation.

Boman Irani, chairman and managing director of Keystone Realtors Limited, expressed his satisfaction with the selection. “We are pleased to have been selected as the preferred Developer for the Om Nagar redevelopment project in Andheri (East). This project, with a GDV of nearly ₹1,775 crores and a significant development footprint, exemplifies our focus on scale, location, and value creation,” he said.

The company is increasing its focus on large society redevelopment, and this project further enhances its presence in a strategically important suburban market. “We believe that urban redevelopment is not just about creating real estate, but about revitalising communities and transforming the way people live in the city. We remain focused on disciplined execution and value creation as we continue to strengthen our project pipeline and pursue sustainable long-term growth,” Irani added.

This marquee redevelopment project reinforces Rustomjee’s strategy of building a diversified portfolio across ticket sizes and further deepens its footprint in Mumbai’s high-growth western suburbs, strengthening its long-term growth visibility.

Redevelopment is here to stay in Mumbai for more than two decades, and these projects offer massive opportunities for new real estate developers entering the space from other cities, Irani had said earlier. “I don't lose sleep over this, as many developers want to enter this space. The redevelopment market for old buildings in Mumbai is so large that there is no dearth of opportunities. New players will add value to the redevelopment space in Mumbai,” he had stated.