Mumbai: Keystone Realtors Ltd (Rustomjee brand) has acquired 8,800.74 sq. metres of development rights (Floor Space Index) from Parth Construction for Rs 143.45 crore, strengthening the developer's ongoing residential project in Versova, Andheri West, according to property registration documents accessed from CRE Matrix, a real estate data analytics firm.
FSI Transferred from SRA Project in Jogeshwari to Versova Location
The transaction, registered on June 17, 2026, involves the purchase of sale FSI generated from Parth Construction's slum rehabilitation (SRA) project at Village Majas in Jogeshwari (East). The acquired FSI will be transferred and amalgamated with Keystone Realtors' project located in Village Versova, on JP Road in Andheri West.
Documents show the agreement was executed for a consideration of Rs 143.45 crore, with stamp duty of Rs 8.60 crore paid on the transaction.
24 Car Parking Spaces Included in Overall Consideration
Apart from the transferable development rights, the agreement also includes 24 car parking spaces as part of the overall consideration.
The FSI originates from land located in Village Majas, Jogeshwari (East), where Parth Construction is executing a composite SRA redevelopment project.
Industry experts said such transactions have become increasingly common in Mumbai, where developers acquire surplus FSI from rehabilitation projects to maximise development potential at premium locations with strong residential demand. The mechanism allows developers to unlock additional saleable area without acquiring fresh land, particularly in land-constrained micro-markets such as Andheri West and Versova.
The transaction underscores the growing importance of FSI transfers as developers seek to optimise project economics while leveraging redevelopment opportunities across the city.
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