In a landmark development for Mumbai’s urban renewal landscape, Keystone Realtors Limited, operating under its flagship brand Rustomjee, has announced that it has received the Letter of Acceptance (LOA) for the redevelopment of GTB Nagar in Sion, Mumbai. The project, undertaken in collaboration with MHADA (Maharashtra Housing and Area Development Authority), is pegged at an estimated Gross Development Value (GDV) of ₹4,521 crore.

The announcement, made on July 1, 2025, via an official filing with the BSE and NSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, marks a major win for the company in Mumbai’s redevelopment ecosystem.

Project Scope and Significance

Spanning an expansive 11.19 acres (approximately 45,308 square meters) in Sion, a key central suburb of Mumbai, the GTB Nagar redevelopment is projected to:

• Benefit more than 1,400 families, including 1,200 society members and 200 slum residents

• Unlock around 20.7 lakh square feet of saleable area, setting a benchmark in terms of project scale and social impact

• Involve a combination of rehabilitation, redevelopment, and realignment with modern housing norms, providing much-needed transformation for one of the city’s aging neighborhoods

This initiative is one of the largest urban transformation projects currently underway in Mumbai and is a reflection of the growing public-private partnership (PPP) model in India’s urban housing sector.

Strategic Importance for Rustomjee

The LOA further strengthens Rustomjee’s foothold in central Mumbai, a strategically significant real estate zone due to its connectivity and demand for modern housing stock.

Mr. Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, commented:

“We are honoured 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. As a pioneer in Mumbai’s redevelopment space, Rustomjee has always believed that such projects are not just about infrastructure, but about impact. In partnership with MHADA, we see this as much more than a redevelopment - it is about restoring faith, rebuilding homes and uplifting lives.”

His statement reflects Rustomjee’s long-held philosophy of community-first development, where transformation is measured not only in square footage but also in human impact.

Project Features and Community Impact

The GTB Nagar redevelopment aims to:

• Provide modern housing facilities to residents currently living in outdated structures

• Incorporate resilient infrastructure, green spaces, and essential civic amenities

• Elevate the standard of living for over 1,400 families by delivering safe, sustainable, and smart homes

The project has garnered attention not just for its scale, but for the inclusive nature of the redevelopment—combining formal housing societies with slum rehabilitation in a unified model.

Rustomjee’s Redevelopment Legacy

Keystone Realtors Limited, incorporated in 1995, has become a leading real estate player in the Mumbai Metropolitan Region (MMR). It is known for its expertise in redevelopment, especially in the affordable to premium segment. As of today, the company boasts:

• 37 completed projects

• 16 ongoing developments

• 26 forthcoming projects

• A track record of delivering over 26 million square feet

• A pipeline of 40+ million square feet in active planning and construction

Rustomjee has already rehoused over 1,700 families through its previous redevelopment projects and is seen as a dependable name for communities transitioning from old housing colonies to modern vertical living.

The company's integrated development model, asset-light approach, and emphasis on collaborative governance with public bodies like MHADA give it a competitive edge in Mumbai’s complex regulatory and urban planning environment.

Alignment with Government Housing Goals

This project is also in alignment with Government of Maharashtra’s goal of revitalizing aging housing stock in Mumbai, which includes MHADA colonies, cessed buildings, and slum areas. With over half the city’s population living in outdated or substandard housing, projects like GTB Nagar serve as critical enablers for citywide transformation.

Moreover, such PPPs also contribute to:

• Better land utilization

• Improved civic amenities

• Enhanced urban infrastructure resilience

By leveraging private sector execution capabilities and public sector land ownership, these projects aim to provide a win-win solution to both residents and city planners.

Conclusion and Forward Outlook

The awarding of the LOA for GTB Nagar redevelopment in partnership with MHADA, with an impressive GDV of ₹4,521 crore, marks a pivotal moment for Keystone Realtors Limited and for Mumbai’s urban regeneration journey.

As Rustomjee continues to focus on inclusive growth, community trust, and transformational urban housing, this project underscores its vision of building beyond buildings—towards vibrant, future-ready communities.

The company is expected to commence the next phase, which will include detailed planning, approvals, rehabilitation timelines, and project execution stages. Investors, urban planners, and policymakers will be closely monitoring this project as a model for future redevelopment in high-density urban environments.

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