Rustomjee Group Signs Key Agreements for GTB Nagar Redevelopment

Keystone Realtors Limited (Rustomjee Group), through its subsidiary Keymidtown Developers, has officially signed the Development and Construction Agreements with MHADA for the GTB Nagar redevelopment in Sion. Spanning 11.54 acres, the project will benefit over 1,200 residents, creating 20.7 lakh sq. ft. of modern, safe, and sustainable residential space with an estimated GDV of Rs 4,521 crore.

Spread over 11.54 acres (46,731.15 square meters), this large redevelopment project will help over 1,200 members. It is expected to create a saleable area of around 20.7 lakh square feet, with an estimated Gross Development Value (GDV) of about Rs 4,521 crore.

The residential towers will be constructed using Aluminium formwork technology, which provides a durable and watertight external concrete envelope. They are designed to meet strict safety standards for handling wind and earthquake forces. These towers also incorporate top-notch fire safety, electrical, plumbing, and vertical transportation systems. The development aims to create a community where nature and urban life can coexist, offering a modern living experience that improves daily life.

This project demonstrates Rustomjee’s commitment to inclusivity and community-focused development, especially through partnerships with public bodies. These collaborations will help update the city’s ageing housing into modern, strong, and future-ready neighborhoods while strengthening the Rustomjee Group’s presence in central Mumbai.

Mr. Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, shared his thoughts, saying, “We are delighted to share that the Development Agreement and a separate Construction and Development Agreement with MHADA for the redevelopment of GTB Nagar has now been formally signed with Maharashtra Housing and Area Development Authority (MHADA), marking a significant milestone in this transformative journey.

For us at Rustomjee, this moment carries deep meaning. This project represents the aspirations of more than 1,200+ members who have waited patiently for the promise of better homes and a more secure future. With the signing of this agreement, we move one step closer to translating that promise into reality. Redevelopment, in our view, is not merely about constructing buildings, but it is about restoring dignity, strengthening communities, and delivering homes that members truly deserve.

We remain committed to working closely with MHADA and all stakeholders to ensure that the existing residents of GTB Nagar receive their new homes at the earliest, and that the neighborhood evolves into a vibrant, inclusive, and future-ready community. We are honored to be entrusted with a project of such scale and emotional significance, and we look forward to shaping a development that will positively impact generations to come.”

About Keystone Realtors Limited

Incorporated in 1995, Keystone Realtors Limited is one of the prominent Real Estate developers. The company is engaged primarily in the business of real estate construction, development, and other related activities in India. 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 that cover all price points, from Mass Market to Luxury. The Company has delivered over 28+ million square feet of construction area, with a pipeline of over 47 million square feet in the works.

Share Performance

On March 6, 2026, the share price closed at Rs 392.00, down Rs 7.90, a decline of 1.98 per cent. The stock opened at Rs 398.95, slightly below the previous close of Rs 399.90. It touched a high of Rs 404.70 and a low of Rs 390.05 during the session, before settling at Rs 391.75. The stock saw a traded volume of 1.71 lakh shares, amounting to a total value of Rs 6.77 crore. Talking about the past performance, the stock has fallen 27.06 per cent year to date and 27.34 per cent over the past year.

Disclaimer: The article is for informational purposes only and not investment advice.