Mumbai-based, Keystone Realtors Ltd (Rustomjee Group) has received the letter of acceptance for redevelopment project worth Rs 4,521-crore in Mumbai.
The GTB Nagar redevelopment project is being undertaken in collaboration with Maharashtra Housing and Area Development Authority (MHADA).
Spread across 11.19-acre, the redevelopment will benefit more than 1,400 families and is expected to unlock a saleable area of approximately 20.7 lakh square feet, the company said in an exchange filing on July 1.
Keystone Realtors chairman and managing director Boman Irani said the project would further strengthen the Rustomjee Group’s presence in central Mumbai.
“We are honoured to have received the LOA for the redevelopment of GTB Nagar in Sion; a project that carries the hopes of 1,200 society members and 200 slum residents,” he said.
With more than 1,400 families involved, the redevelopment initiative is among the largest in the city and Rustomjee is privileged to be entrusted with this responsibility, Irani said.
“Our endeavour is to create spaces that go beyond infrastructure and spark a positive transformation in the way people live, grow and thrive. Together, we move forward - not just to rebuild homes, but to reshape futures,” he said.
Incorporated in 1995, Keystone Realtors has delivered more than 26 million square feet, with a pipeline of over 40 million square feet. The company has completed 37 projects, has 16 in the works and 26 are on the cards.
At 12.53 pm, the Keystone Realtors stock was trading at Rs 638 on the National Stock Exchange, up 4.17 percent from the pervious close.
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