Rustomjee Signs GTB Nagar Redevelopment Deal with MHADA, GDV ₹4,521 Crore
Keystone Realtors Limited (Rustomjee) signed Development and Construction Agreements for the GTB Nagar redevelopment in Sion with MHADA via subsidiary Keymidtown Developers. The project spans 11.54 acres, will benefit 1,200+ members, and has an estimated GDV of ₹4,521 Crores. It aims to deliver 20.7 lakh sq ft saleable area.
The project involves a significant Gross Development Value (GDV) of ₹4,521 Crores and is described as one of Mumbai's most impactful urban transformation projects. This signifies a major development for the company's future revenue and market presence.
The announcement details the formal signing of significant development agreements for a large-scale redevelopment project, which is expected to be beneficial for the company and the community. The GDV is substantial and the company's leadership expresses optimism and commitment.
Keystone Realtors Limited, through its wholly-owned subsidiary Keymidtown Developers Private Limited, has executed the Development Agreement and a Construction and Development Agreement with the GTB Nagar Societies and MHADA for the redevelopment of GTB Nagar in Sion. This project, one of Mumbai’s most impactful urban transformation initiatives, is being undertaken in collaboration with MHADA.
The redevelopment will span approximately 11.54 Acres (46,731.15 square meters) and is expected to benefit over 1,200 members. The project is estimated to unlock a saleable area of approximately 20.7 lakh square feet, with an estimated Gross Development Value (GDV) of ₹4,521 Crores.
Mr. Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, expressed delight at the signing, highlighting the project's significance for the aspirations of over 1,200 members. He emphasized that redevelopment is about restoring dignity, strengthening communities, and delivering homes that members deserve. The company is committed to working closely with MHADA and stakeholders to ensure residents receive their new homes at the earliest and that the neighborhood evolves into a vibrant, inclusive, and future-ready community.
This project reaffirms Rustomjee’s commitment to inclusive, community-first development and strengthens its presence in central Mumbai. The company has a substantial portfolio in the Mumbai Metropolitan Region, with 38 completed projects, 20 ongoing projects, and 24 forthcoming projects.
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Keystone Realtors Limited filed this with the NSE as a statutory disclosure, categorised under other corporate actions. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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