Mumbai-based listed real estate developer Keystone Realtors, also known as Rustomjee Group, on February 16 announced that it has been selected as the developer of choice for the redevelopment of eight housing societies in Mumbai’s Andheri area, having a revenue potential of ₹1,775 crore.
The company said the project comprises eight housing societies of the Om Nagar Co-operative Housing Society Federation in Andheri East. area.
According to the company, the proposed redevelopment will result in the rehousing of 637 existing members across all societies and is expected to unlock a significant free sale potential of five lakhs sq ft of RERA carpet area, with an estimated Gross Development Value (GDV) of Rs. 1,775 crores.
“Keystone Realtors Limited has been selected as the Developer of choice for the large society redevelopment project to redevelop the plot and premises of Om Nagar Co-operative Housing Society Federation Limited, comprising 8 housing societies,” according to a regulatory filing of the company.
“The project will be developed on the combined land measuring approximately 20,569.90 square meters in Andheri (East), Mumbai, Maharashtra,” the company said.
“We are pleased to have been selected as the preferred Developer for the Om Nagar redevelopment project in Andheri (East), which represents an important addition to Rustomjee’s growing redevelopment portfolio. With a GDV of nearly Rs. 1,775 crores and a significant development footprint, this project exemplifies our focus on scale, location, and value creation,” Boman Irani, chairman and managing director, Keystone Realtors Limited, said.
Also Read: Rustomjee Group to foray into Pune market, eyes 100 acres for township projects: CMD Boman Irani
“The Company is increasing its focus on large society redevelopment, and this project further enhances our presence in a strategically important suburban market. We believe that urban redevelopment is not just about creating real estate, but about revitalising communities and transforming the way people live in the city. We remain focused on disciplined execution and value creation as we continue to strengthen our project pipeline and pursue sustainable long-term growth,” Irani said.
“This marquee redevelopment project reinforces Rustomjee’s strategy of building a diversified portfolio across ticket sizes and further deepens its footprint in Mumbai’s high-growth western suburbs, strengthening its long-term growth visibility,” the company said in a statement.
Redevelopment is here to stay for more than 20 years
Redevelopment is here to stay in Mumbai for more than two decades, and these projects offer massive opportunities for new real estate developers entering the space from other cities, Irani had said earlier.
“I don’t lose sleep over this, as many developers want to enter this space. The redevelopment market for old buildings in Mumbai is so large that there is no dearth of opportunities. New players will add value to redevelopment space in Mumbai,” he had said.
