Rustomjee Group Secures Rs 4,521-Crore Redevelopment Project in Mumbai
Keystone Realtors Ltd, a part of the Rustomjee Group, has been awarded a significant redevelopment project in Mumbai, valued at Rs 4,521 crore. The project, in collaboration with MHADA, aims to benefit over 1,400 families and will cover 11.19 acres.
Real EstateRedevelopmentMumbaiRustomjee GroupMhadaReal Estate MumbaiJul 01, 2025
The GTB Nagar redevelopment project in Sion is one of the largest of its kind in the city. It will not only provide new homes to 1,200 society members but also improve the living conditions of 200 slum residents. Keystone Realtors chairman and managing director, Boman Irani, expressed his gratitude and the company's commitment to the project. “We are honored to have received the LOA for the redevelopment of GTB Nagar in Sion; a project that carries the hopes of 1,200 society members and 200 slum residents,” he said. “With more than 1,400 families involved, the redevelopment initiative is among the largest in the city, and Rustomjee is privileged to be entrusted with this responsibility.”
Irani further emphasized the broader impact of the project. “Our endeavor is to create spaces that go beyond infrastructure and spark a positive transformation in the way people live, grow, and thrive. Together, we move forward - not just to rebuild homes, but to reshape futures.” This project aligns with the Rustomjee Group’s mission to contribute significantly to the urban landscape and improve the quality of life for residents.
Incorporated in 1995, Keystone Realtors has a robust track record in the real estate industry. The company has delivered over 26 million square feet of projects and has a pipeline of over 40 million square feet. With 37 completed projects, 16 ongoing, and 26 planned, Keystone Realtors is a leading force in the real estate sector. The company’s stock was trading at Rs 638 on the National Stock Exchange, up 4.17 percent from the previous close, reflecting the market's positive response to this significant project.
The redevelopment of GTB Nagar is a testament to the Rustomjee Group’s commitment to sustainable and inclusive urban development. By partnering with MHADA, Keystone Realtors aims to set a new standard for redevelopment projects in Mumbai, ensuring that the needs of all stakeholders are met and the community is uplifted.
Frequently Asked Questions
What is the total value of the redevelopment project?
The total value of the redevelopment project is Rs 4,521 crore.
Who is the main developer of the project?
The main developer of the project is Keystone Realtors Ltd, a part of the Rustomjee Group.
How many families will benefit from this project?
The project will benefit more than 1,400 families, including 1,200 society members and 200 slum residents.
What is the total area of the redevelopment project?
The redevelopment project is spread across 11.19 acres.
Who is the chairman and managing director of Keystone Realtors?
The chairman and managing director of Keystone Realtors is Boman Irani.
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