Keystone Realtors Ltd (part of the Rustomjee Group) saw its shares rise 8% in early trade after announcing a major redevelopment win for GTB Nagar in Mumbai’s Sion area — a key step in the company’s growing presence in central Mumbai.
The company has received the Letter of Acceptance (LOA) for the project, which will be carried out in partnership with MHADA (Maharashtra Housing and Area Development Authority). Spanning approximately 11.19 acres (45,308 sq. meters), the redevelopment aims to transform the existing housing into a modern, sustainable community and will benefit over 1,400 families currently residing in the area.
Once completed, the project is expected to deliver a saleable area of around 20.7 lakh square feet and carry an estimated Gross Development Value (GDV) of ₹4,521 crore — making it one of the largest redevelopment projects in the city.
Keystone Realtors shares opened at ₹612.40 and touched an intraday high of ₹667.55 and a low of ₹610.05. The stock is currently trading well below its 52-week high of ₹801.05, but remains above its 52-week low of ₹480.05.
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