Keystone Realtors Signs INR 4,521 Crore Development Agreement with MHADA
Filing Summary
Keystone Realtors Limited, through its subsidiary Keymidtown Developers Private Limited, has executed a Development Agreement and a Construction and Development Agreement with the Maharashtra Housing and Area Development Authority (MHADA) for the redevelopment of GTB Nagar in Sion, Mumbai. The project covers approximately 11.54 acres and is expected to unlock a saleable area of 20.7 lakh square feet, with a Gross Development Value (GDV) of INR 4,521 Crores. The agreements mark a significant step in the urban transformation project, benefiting over 1,200 members.
Keystone Realtors Limited, operating under the Rustomjee Group, has formalized a Development Agreement and a Construction and Development Agreement with the Maharashtra Housing and Area Development Authority (MHADA) for the redevelopment of GTB Nagar in Sion, Mumbai. This initiative is managed through its wholly owned subsidiary, Keymidtown Developers Private Limited. The agreements are part of a significant urban transformation project aimed at redeveloping the area in collaboration with MHADA.
The project has a projected Gross Development Value (GDV) of INR 4,521 Crores. It involves the redevelopment of a plot area of approximately 11.54 acres, translating to about 46,731.15 square meters. The redevelopment is expected to unlock a saleable area of approximately 20.7 lakh square feet. The financial terms reflect the scale and scope of the project, which is designed to benefit over 1,200 members of the GTB Nagar Societies.
The redevelopment will utilize Aluminium formwork technology for constructing residential towers, ensuring a durable and watertight external concrete envelope. The design adheres to stringent structural safety norms, addressing wind and earthquake forces. The project includes best-in-class fire safety norms, electrical, plumbing, and vertical transportation systems. The agreements focus on creating a modern residential environment that integrates development with nature.
The project is part of Keystone Realtors’ strategy to engage in urban redevelopment through strategic partnerships with public bodies. The collaboration with MHADA aims to revitalize aging housing stock into modern, resilient neighborhoods. This initiative is consistent with the company’s focus on community-first development and enhancing its presence in central Mumbai.
The agreements were executed on March 6, 2026, marking a significant milestone in the project. Keystone Realtors had previously received a Letter of Acceptance from MHADA on June 30, 2025. The project is expected to proceed with the involvement of all stakeholders to ensure timely delivery of new homes to existing residents of GTB Nagar.
MHADA is a statutory housing authority in Maharashtra, focused on providing affordable housing and redevelopment projects. It collaborates with private developers to enhance urban living conditions and address housing shortages in the region.
Keystone Realtors Limited, established in 1995, is a prominent real estate developer in the Mumbai Metropolitan Region (MMR). The company specializes in redevelopment projects and has completed 38 projects, with 20 ongoing and 24 forthcoming. Keystone Realtors employs an asset-light approach and an integrated development model, focusing on quality and detail to deliver value to stakeholders.