Mumbai: Keystone Realtors Limited (Rustomjee Group), a leading Mumbai-based real estate developer, is pleased to announce the signing of the Development Agreement and Construction and Development Agreement through its subsidiary Keymidtown Developers Private Limited for the redevelopment of GTB Nagar in Sion, one of Mumbai’s most impactful urban transformation projects, being undertaken in collaboration with Maharashtra Housing and Area Development Authority (MHADA).

Spread across a plot area of approximately 11.54 Acres (46,731.15 square meters), this large-scale redevelopment will benefit over 1,200+ members and is expected to unlock a saleable area of approximately 20.7 lakh square feet, with an estimated Gross Development Value (GDV) of ~Rs. 4,521 Crs.

The residential towers shall be constructed using Aluminium formwork technology rendering a durable and watertight external concrete envelope. Designed with the most stringent structural safety norms catering to wind and earthquake forces the residential towers have been meticulously designed with best-in-class fire safety norms, electrical, plumbing, and vertical transportation systems. The development aims to create a community where development and nature coexist, delivering modern residential experience that enhances everyday living, serving as a beacon for similar re- developments in the times to come.

This project reaffirms Rustomjee’s commitment to inclusive and community-first development, particularly through strategic partnerships with public bodies to revitalise the city’s aging housing stock into modern, resilient, and future-ready neighbourhoods. It also further strengthens the Rustomjee Group’s presence in central Mumbai.

Mr. Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, said, “We are delighted to share that the Development Agreement and a separate Construction and Development Agreement with MHADA for the redevelopment of GTB Nagar has now been formally signed with Maharashtra Housing and Area Development Authority (MHADA), marking a significant milestone in this transformative journey.

For us at Rustomjee, this moment carries deep meaning. This project represents the aspirations of more than 1,200+ members who have waited patiently for the promise of better homes and a more secure future. With the signing of this agreement, we move one step closer to translating that promise into reality. Redevelopment, in our view, is not merely about constructing buildings, but it is about restoring dignity, strengthening communities and delivering homes that members truly deserve.

We remain committed to working closely with MHADA and all stakeholders to ensure that the existing residents of GTB Nagar receive their new homes at the earliest, and that the neighbourhood evolves into a vibrant, inclusive and future-ready community. We are honoured to be entrusted with a project of such scale and emotional significance, and we look forward to shaping a development that will positively impact generations to come”