Rustomjee Secures ₹1,775 Crore Redevelopment Project in Andheri (East), Mumbai
Keystone Realtors Limited (Rustomjee) will redevelop Om Nagar Co-operative Housing Society Federation in Andheri (East), Mumbai. The project spans ~20,569.90 sq. meters and has an estimated Gross Development Value (GDV) of ₹1,775 Crores. It will rehouse 637 members and unlock ~5 Lakhs sq. ft. of free sale area.
The acquisition of a large-scale redevelopment project with a GDV of ₹1,775 Crores represents a significant addition to the company's pipeline and future revenue, impacting its growth trajectory and market presence considerably.
The announcement details a significant new project win for the company, which is expected to generate substantial revenue and strengthen its market position. The GDV of ₹1,775 Crores indicates a material positive development.
Keystone Realtors Limited (Rustomjee Group) has been appointed as the Developer for a significant society redevelopment project involving eight housing societies under the Om Nagar Co-operative Housing Society Federation Limited. The project is located on a combined land parcel of approximately 20,569.90 square meters in Andheri (East), Mumbai.
This redevelopment will rehouse 637 existing members and is expected to yield a free sale potential of approximately 5 Lakhs sq. ft. of RERA carpet area, with an estimated Gross Development Value (GDV) of ₹1,775 Crores. This initiative aligns with Rustomjee's strategy to expand its presence in prime suburban markets and build a diversified portfolio across various ticket sizes and micro-markets, with a focus on creating gated communities and holistic lifestyle offerings.
Mr. Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, expressed pleasure in being selected for this project, highlighting its scale, location, and value creation potential. He emphasized the company's ability to execute large-scale, complex urban redevelopment assignments and its commitment to revitalizing communities. Rustomjee has a strong track record in redevelopment, with 38 completed projects, 20 ongoing, and 24 forthcoming projects across the Mumbai Metropolitan Region, having delivered over 28+ million square feet of construction area.
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