Keystone Realtors Limited (Rustomjee Group), a leading Mumbai-based real estate developer, today, in its exchange filing, announced that,

The Company has signed a Construction and Development Agreement for the redevelopment of GTB Nagar, Mumbai, in collaboration with Maharashtra Housing and Area Development Authority (MHADA). Source: BSE.

Keystone has signed the contract through its subsidiary Keymidtown Developers Private Limited, a company spokesperson said.

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Details

The deal spans a plot area of approximately 11.54 Acres (46,731.15 square meters), benefiting over 1,200 members and is expected to unlock a saleable area of 20.7 lakh square feet.

Value

The total estimated Gross Development Value (GDV) of this redevelopment project is ₹4,521 crore.

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Keystone Realtors Announces Partnership with MHADA

Management Speech –

Mr. Boman Irani, Chairman and MD of the company, said,

We are delighted to share that the Development Agreement and a separate Construction and Development Agreement with MHADA for the redevelopment of GTB Nagar have now been formally signed, marking a significant milestone in this transformative journey.

We remain committed to working closely with MHADA and all stakeholders to ensure that the existing residents of GTB Nagar receive their new homes at the earliest, and that the neighbourhood evolves into a vibrant, inclusive, and future-ready community.

We are honoured to be entrusted with a project of such scale and emotional significance, and we look forward to shaping a development that will positively impact generations to come.

The company’s market capitalization is ₹5,000 Cr.

The stock is currently trading below its 20-day, 50-day, and 100-day SMA.

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