Keystone Realtors to Redevelop 8 Housing Societies in Andheri with 1,775 Crore GDV

Keystone Realtors, also known as the Rustomjee Group, has been chosen as the developer for a major redevelopment project in Mumbai’s Andheri East, with an estimated revenue potential of ₹1,775 crore. The project involves eight housing societies under the Om Nagar Co-operative Housing Society Federation.

The redevelopment plan will accommodate 637 existing members across all eight societies while also creating substantial new development space. The project is expected to generate around five lakh square feet of free-sale RERA carpet area, contributing to its impressive Gross Development Value (GDV) of ₹1,775 crore.

According to a company regulatory filing, the redevelopment will take place on a combined land area of roughly 20,570 square meters in Andheri East, a key suburban location in Mumbai. Keystone Realtors highlighted that the project represents an important addition to its growing redevelopment portfolio, underlining the company’s focus on high-value locations and large-scale projects.

Boman Irani, chairman and managing director of Keystone Realtors, said, “We are pleased to have been selected as the preferred developer for the Om Nagar redevelopment project. With a GDV of nearly ₹1,775 crore and a significant development footprint, this project exemplifies our commitment to scale, location, and value creation.”

Irani also emphasized the social impact of redevelopment projects. “Urban redevelopment is not just about building new real estate; it’s about revitalizing communities and transforming the way people live in the city. We remain focused on disciplined execution and creating value as we expand our project pipeline and pursue long-term growth,” he said.

The company added that the project strengthens Rustomjee’s strategy of maintaining a diversified portfolio across different ticket sizes and deepens its presence in Mumbai’s western suburbs. These areas have witnessed high growth in recent years, making the redevelopment sector a lucrative space for developers.

Redevelopment has been a key part of Mumbai’s real estate landscape for more than two decades. Speaking on the market, Irani noted that opportunities are plentiful for both established and new developers. “The redevelopment market for old buildings in Mumbai is so large that there is no shortage of opportunities. New players entering the market will only add value to this space,” he said.

With this project, Keystone Realtors reinforces its reputation as a leading player in society redevelopment, combining large-scale residential projects with a vision to enhance communities and deliver long-term growth in one of India’s most dynamic real estate markets.