Keystone Realtors has formally executed the Development Agreement and Construction & Development Agreement with Maharashtra Housing and Area Development Authority (MHADA) for the GTB Nagar redevelopment project in Sion, valued at ₹4,521 crore. The agreement was signed through the company's wholly owned subsidiary, Keymidtown Developers Private Limited, following the Letter of Acceptance awarded on June 30, 2025.

Project Specifications

The GTB Nagar redevelopment project represents one of Mumbai's most significant urban transformation initiatives. The comprehensive development spans across substantial area with modern construction technology and safety standards.

Construction Features

The residential towers will be constructed using Aluminium formwork technology, ensuring a durable and watertight external concrete envelope. The development incorporates stringent structural safety norms for wind and earthquake resistance, along with best-in-class fire safety systems, electrical, plumbing, and vertical transportation infrastructure.

Management Commentary

Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, emphasized the project's significance beyond construction. "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," Irani stated. He highlighted that redevelopment involves restoring dignity, strengthening communities, and delivering homes that members truly deserve.

Strategic Impact

This partnership reinforces Keystone Realtors' commitment to community-first development through strategic collaborations with public bodies. The project strengthens the company's presence in central Mumbai and demonstrates its capability in large-scale urban renewal initiatives. With 38 completed projects and over 28 million square feet delivered, the company continues expanding its substantial portfolio across the Mumbai Metropolitan Region.

Keystone Realtors Limited has been appointed as the developer for a major society redevelopment project in Mumbai's Andheri (East) area. The company announced on February 16, 2026, that it has been selected to redevelop the Om Nagar Co-operative Housing Society Federation Limited, marking a significant addition to its project portfolio.

Project Overview

The redevelopment project encompasses eight housing societies situated on strategically located land measuring approximately 20,569.90 square meters in Andheri (East), Mumbai, Maharashtra. This landmark project represents one of the larger society redevelopment initiatives in the western suburbs.

Strategic Significance

The project aligns with Rustomjee's strategy to expand its presence in prime suburban markets and build a diversified portfolio across micro-markets and ticket sizes. The development focuses on creating gated communities and holistic lifestyle offerings through large-layout redevelopments, reinforcing the company's position in Mumbai's high-growth western suburbs.

According to Mr. Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, the project exemplifies the company's focus on scale, location, and value creation. He emphasized that this assignment underscores the confidence placed in Rustomjee's ability to execute large-scale, complex urban redevelopment projects and deliver well-planned communities.

Company Portfolio Strength

This addition further strengthens Rustomjee's project pipeline for the current financial year, continuing its momentum of adding strategically located, high-potential redevelopment projects in key urban clusters. The company has established itself as a leader in the redevelopment space with substantial experience in housing families through various redevelopment initiatives.

Market Position

Incorporated in 1995, Keystone Realtors Limited operates as one of the prominent MMR-based real estate developers. The company maintains a comprehensive portfolio spanning the Mumbai Metropolitan Region with projects covering all price points from mass market to luxury segments. Its strategic asset-light approach, integrated real estate development model, and focus on quality and detail provide competitive advantages in the market.