Rustomjee Signs Agreements With MHADA For GTB Nagar Redevelopment Project Worth ₹4,521 Crore

Mumbai: Keystone Realtors Limited has formalised agreements to redevelop the GTB Nagar housing cluster in Sion, marking a key milestone in one of Mumbai’s large-scale urban transformation initiatives.

The company said the agreements were executed through its wholly owned subsidiary, Keymidtown Developers Private Limited, in collaboration with MHADA and the societies of GTB Nagar. The signing follows a Letter of Acceptance awarded by MHADA in June 2025 for the redevelopment of the housing complex. The redevelopment project is spread across approximately 11.54 acres, or 46,731.15 square metres.

The project is expected to benefit more than 1,200 members of the GTB Nagar societies. Once completed, it is projected to unlock a saleable area of about 20.7 lakh square feet. The redevelopment has an estimated gross development value of approximately Rs 4,521 crore, according to the company’s announcement.

The residential towers will be constructed using aluminium formwork technology designed to create a durable and watertight external concrete structure. The buildings will follow stringent structural safety standards to withstand wind and earthquake forces. The project will also incorporate fire safety systems, modern electrical and plumbing infrastructure, and vertical transportation facilities aimed at delivering a modern residential environment.

According to the company, the development aims to create a community-oriented neighbourhood where urban infrastructure and green spaces coexist while improving living standards for residents. Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, said the signing of the agreements marks an important milestone in delivering improved housing and a secure future for more than 1,200 members who have waited for the redevelopment of the area.

He added that the company remains committed to working closely with MHADA and other stakeholders to ensure that residents receive their new homes at the earliest and that the neighbourhood evolves into a vibrant and future-ready community.

Disclaimer: This article is based solely on information contained in the company press release and regulatory filing dated March 6, 2026. No external sources were used in preparing this article, and the content is intended for informational purposes only.