Shares of Keystone Realtors (Rustomjee) gained 4% in morning trade after the company announced it has been selected as the developer for a large-scale cluster redevelopment project in Andheri West (Lokhandwala), Mumbai.
As per the exchange filing, the project involves eight housing societies, with development agreements already signed with five. The remaining three societies have issued Letters of Intent (LOIs), and final agreements are expected soon.
The redevelopment covers a total plot area of 4.75 acres (approx. 19,229 sq. m) and includes 548 existing members. The company expects to unlock nearly 10.6 lakh sq. ft. of saleable area, with an estimated Gross Development Value (GDV) of ₹3,000 crore.
This project aligns with Rustomjee’s strategy to strengthen its footprint in Mumbai’s prime suburban micro-markets through redevelopment. It also boosts the company’s project pipeline for FY26, reinforcing its growth plans.
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