Rustomjee To Rebuild Eight Housing Societies In Mumbai, Targets Rs 3,000 Crore Revenue

Keystone Realtors Ltd has been selected to redevelop eight housing societies in Mumbai, enabling the company to generate revenue of Rs 3,000 crore from the saleable area. Mumbai-based Keystone Realtors sells properties under Rustomjee brand.

In a regulatory filing on Wednesday, Keystone Realtors informed that 'it has been selected by eight housing societies as the developer for the large-scale cluster redevelopment project in the highly sought after residential neighbourhood of Andheri West, Mumbai.'

The Development Agreement (DA) has already been executed with five societies, while LOIs have been received from the remaining three societies, with DA execution expected over the next few days.

'The project involves the redevelopment of a cluster of private housing societies located in the heart of Andheri's vibrant residential hub, with a cumulative plot area of approximately 4.75 acres, encompassing 548 existing members.

'The proposed redevelopment is expected to unlock a saleable area of approximately 10.6 lakh square feet and generate a Gross Development Value (GDV) of around Rs 3,000 crore,' the company said.

Keystone said this development aligns with its strategy to expand presence in prime suburban markets and build a well-diversified portfolio across micro-markets and ticket sizes.

Incorporated in 1995, Keystone Realtors is one of the leading real estate developers in the country. The company has completed 37 projects and it is developing 16 projects. So far, the company has delivered over 26 million square feet, with a pipeline of more than 40 million square feet in the works.