Keystone Realtors Limited has informed the Exchange about General Updates
RUSTOMJEE · price
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Keystone Realtors (Rustomjee Group) has received the Letter of Acceptance (LOA) for the redevelopment of GTB Nagar in Sion, Mumbai, in partnership with MHADA (Maharashtra Housing and Area Development Authority). The project covers approximately 11.19 acres and is expected to benefit over 1,400 families, with a saleable area of about 20.7 lakh square feet. The estimated Gross Development Value (GDV) is around Rs. 4,521 Crores, making it one of the largest redevelopment projects in Mumbai. Chairman Boman Irani described it as a community-first initiative targeting 1,200 society members and 200 slum residents. The win strengthens Keystone's foothold in central Mumbai.
This is a sizeable addition to Keystone's redevelopment pipeline, materially boosting long-term revenue visibility. With a GDV of Rs. 4,521 Cr — among the largest single-project wins for the company — the news is likely to be viewed positively by the market, though execution and MHADA coordination risks remain.