Keystone Realtors Limited, part of the Rustomjee Group, has signed Development and Construction Agreements with the Maharashtra Housing and Area Development Authority (MHADA) for the GTB Nagar redevelopment project in Sion, Mumbai. This 11.54-acre project will benefit over 1,200 residents, creating 20.7 lakh sq. ft. of modern, safe, and sustainable residential space with an estimated Gross Development Value (GDV) of Rs 4,521 crore.
The project features three residential towers built using Aluminium formwork technology, ensuring durability and safety. The towers will incorporate top-notch fire safety, electrical, plumbing, and vertical transportation systems. Each eligible beneficiary will receive a 635 sq. ft. self-contained residential unit with modern amenities.
Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, expressed his enthusiasm, stating, “This project represents the aspirations of more than 1,200+ members who have waited patiently for the promise of better homes and a more secure future. Redevelopment, in our view, is not merely about constructing buildings, but it is about restoring dignity, strengthening communities, and delivering homes that members truly deserve.”
The project aligns with Rustomjee Group’s focus on community-led redevelopment projects and strengthens its presence in central Mumbai. The residential towers will be designed to meet stringent structural safety standards, including resistance to wind and earthquake forces [1][2][5].
Key Highlights of the Project:
– Location: GTB Nagar, Sion, Mumbai
– Land Area: 11.54 acres
– Saleable Area: 20.7 lakh sq. ft.
– Gross Development Value (GDV): Rs 4,521 crore
– Beneficiaries: Over 1,200 residents
– Construction Technology: Aluminium formwork
Image Courtesy: Dalal Street Investment Journal
