Rustomjee-Backed Developer Secures Major Society Redevelopment Project in Mumbai
New Delhi, February 16: Keystone Realtors Ltd has been appointed as the developer for a large-scale society redevelopment project in Mumbai’s Andheri East, with an estimated revenue potential of ₹1,775 crore from the free sale component.The Mumbai-based real estate company, which markets its properties under the ‘Rustomjee’ brand, will redevelop eight housing societies under the Om Nagar Co-operative Housing Society Federation Limited.
Project Details: 20,569.90 Sq M Land Parcel in Andheri East
The redevelopment project covers a total land parcel of 20,569.90 square metres in Andheri East, one of Mumbai’s key suburban real estate micro-markets.According to the company’s regulatory filing, the project will involve the rehabilitation of 637 existing members across all eight societies. Upon completion, the redevelopment is expected to unlock approximately 5 lakh square feet of free sale area based on RERA carpet area norms.
The company estimates a Gross Development Value of ₹1,775 crore from the free sale inventory.
Strategic Expansion in Society Redevelopment Segment
Chairman and Managing Director Boman Irani stated that the company is intensifying its focus on large society redevelopment projects. He noted that the Andheri East redevelopment strengthens the developer’s footprint in a strategically significant suburban location.With rising redevelopment opportunities across Mumbai, society redevelopment projects continue to play a critical role in unlocking land value and generating fresh housing inventory.
Keystone Realtors’ Presence Across Mumbai Metropolitan Region
Keystone Realtors maintains a significant development portfolio across the Mumbai Metropolitan Region. The company has completed 38 projects so far, while 20 projects are currently under development. Additionally, 24 new projects are in the pipeline.The latest Andheri East redevelopment is expected to further bolster the company’s presence in the suburban housing market and contribute meaningfully to its future revenue pipeline.
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