Keystone Realtors Limited has informed the Exchange regarding a press release dated March 06, 2026, titled "Rustomjee signs Development Agreement and Construction & Development Agreement for GTB Nagar redevelopment in partnership with MHADA having GDV of INR 4,521 Crores".
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Keystone Realtors (Rustomjee Group) has formally signed the Development Agreement with GTB Nagar Societies and MHADA, along with a separate Construction and Development Agreement with MHADA, for the redevelopment of GTB Nagar in Sion, Mumbai. The project, executed through wholly owned subsidiary Keymidtown Developers Private Limited, spans ~11.54 acres and offers a saleable area of ~20.7 lakh sq ft, with an estimated Gross Development Value (GDV) of approximately ₹4,521 Crores. The redevelopment will benefit over 1,200+ existing members. This follows the Letter of Acceptance awarded on June 30, 2025, and represents one of Mumbai's most significant urban transformation projects in partnership with a state government body.
This formal agreement signing converts the previously awarded Letter of Acceptance into an executable contract, providing strong revenue visibility and a significant boost to Keystone Realtors' order book and pipeline in central Mumbai. The ₹4,521 Cr GDV strengthens the company's redevelopment portfolio and reinforces its leadership in the MMR redevelopment space, likely to be viewed positively by the market.