Keystone Realtors Limited, popularly known as Rustomjee, has been selected as the developer for a large-scale cluster redevelopment project in Andheri West (Lokhandwala), Mumbai. The project involves eight housing societies and is expected to generate a Gross Development Value (GDV) of approximately Rs 3,000 crore.
According to the company’s exchange filing, development agreements (DAs) have already been signed with five societies, while Letters of Intent (LOIs) have been received from the remaining three. The final DA executions for these are expected in the coming days.
The project spans a cumulative plot area of around 4.75 acres (approximately 19,229 square meters), covering 548 existing members. The redevelopment will unlock a saleable area of nearly 10.6 lakh square feet.
This move aligns with Rustomjee’s strategic focus on expanding its presence across prime suburban micro-markets in Mumbai. The project adds to the company’s growing redevelopment portfolio and strengthens its project pipeline for the current financial year.
Commenting on the development, Boman Irani, Chairman and Managing Director, said the project marks a significant milestone in the company’s cluster redevelopment strategy and underlines Rustomjee’s commitment to scale, location, and value creation in urban Mumbai.
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