Keystone Realtors to Redevelop Eight Mumbai Housing Societies with Rs 1,775 Crore Revenue Projection

Keystone Realtors Ltd has announced the redevelopment of eight housing societies in Mumbai under the Rustomjee brand. The project is expected to generate Rs 1,775 crore in revenue and facilitate the rehousing of 637 members. The initiative further strengthens the company's presence in the suburban market.

Keystone Realtors Ltd is set to undertake a major redevelopment project in Mumbai, focusing on eight housing societies in Andheri (East). The initiative, which is expected to yield Rs 1,775 crore in revenue, emphasizes the company's commitment to large-scale society redevelopments under its Rustomjee brand.

According to a regulatory filing, the redevelopment will provide new housing for the 637 current members of the societies involved. The project encompasses a land parcel of 20,569.90 square meters and will unlock about 5 lakh square feet of free sale area, adding significant value in terms of Gross Development Value (GDV).

Keystone Realtors' Chairman and Managing Director Boman Irani highlighted that this venture marks a strategic expansion in the burgeoning suburban market of the Mumbai Metropolitan Region (MMR). The company continues to build on its substantial portfolio, which currently includes 38 completed projects across the region.

(With inputs from agencies.)