Rustomjee Signs Rs 4,521-Crore GTB Nagar Redevelopment Deal with MHADA

Keystone Realtors Ltd. ( (IN:RUSTOMJEE) ) has shared an update.

Keystone Realtors, through its wholly owned subsidiary Keymidtown Developers, has signed a Development Agreement with GTB Nagar societies and MHADA, along with a separate Construction and Development Agreement with MHADA, to redevelop GTB Nagar in Sion. The project covers about 11.54 acres and will benefit more than 1,200 residents while unlocking roughly 20.7 lakh square feet of saleable area with an estimated gross development value of Rs 4,521 crore.

The redevelopment will feature residential towers built with aluminium formwork technology and designed to stringent structural, fire safety, and infrastructure standards, aiming to offer durable and modern living spaces. By undertaking one of Mumbai’s most impactful urban renewal projects in central Mumbai, Rustomjee reinforces its community-first positioning, strengthens its presence in the city’s core markets, and sets a potential benchmark for similar redevelopment initiatives.

More about Keystone Realtors Ltd.

Keystone Realtors Limited, part of the Rustomjee Group, is a leading Mumbai-based real estate developer focused on large-scale residential projects. The company specializes in redevelopment and urban transformation initiatives, often partnering with public sector bodies such as the Maharashtra Housing and Area Development Authority to modernize aging housing stock in key city zones.

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Technical Sentiment Signal: Sell

Current Market Cap: 50.6B INR

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