Rustomjee Acquires ₹143.45 Crore Fungible FSI from Parth Construction to Expand Versova (Ocean Vista) Project
Rustomjee Expands Versova Project With ₹143 Crore FSI Acquisition
Keystone Realtors Ltd (Rustomjee brand) has acquired 8,800.74 sq metres of development rights (Floor Space Index) from Parth Construction for Rs 143.45 crore, strengthening the developer's ongoing residential project in Versova, Andheri West. The transaction, registered on June 17, 2026, involves the purchase of FSI generated from Parth Construction's slum rehabilitation (SRA) project at Village Majas in Jogeshwari (East).
Building Rights Transfer in Constrained Markets
FSI functions as "building rights." Keystone has bought the right to construct an additional 8,800.74 sq m at its Versova project from another developer, rather than buying another piece of land. The transaction also includes 24 car parking spaces.
The transaction highlights developers' continued use of FSI transfers and fungible development rights to maximise project potential in land-constrained micro-markets such as Andheri and Versova, where acquiring additional buildable area is often more economical than purchasing fresh land parcels. The newly acquired FSI will be utilised in that redevelopment project in accordance with the Development Control and Promotion Regulations (DCPR), 2034.
Transaction Details and Regulatory Compliance
The deal was registered on June 16, 2026, through an agreement to purchase FSI, and a stamp duty of ₹8.6 crore was paid by Rustomjee. The FSI originates from a slum rehabilitation scheme being executed by Parth Construction at Village Majas, which has received approvals under the Slum Rehabilitation Authority (SRA) framework and comprises 534 rehabilitation units and 700 sale units, with a sanctioned sale component of over 33,000 sq m.
Context: Rustomjee's Versova Strategy
Keystone, which operates under the Rustomjee brand, had entered into a development agreement in March 2025 to redevelop the Versova property. With the project's launch, Rustomjee Group anticipates a Gross Development Value (GDV) of around 600 crore rupees. The project offers 32 luxury 4-bedroom apartments with carpet sizes ranging from 2394 to 2521 square feet, providing luxurious beachfront living with unmatched positioning.
Developer Track Record and FY26 Performance
Founded in 1996, Rustomjee has been built on the belief that ideas form the cornerstones of buildings. During FY26, the company reported pre-sales of ₹4,022 crore, representing a 33% year-on-year growth and exceeding its annual guidance of ₹4,000 crore. Collections increased 13% YoY to ₹2,621 crore, while the company launched seven projects with a combined Gross Development Value (GDV) of ₹9,813 crore. Rustomjee also expanded its development portfolio by adding five new projects with an estimated GDV of ₹10,420 crore, significantly surpassing its annual business development guidance of ₹6,000 crore.
Market Outlook for FSI Transfers
The transaction indicates the growing role of SRA-generated FSI in facilitating urban redevelopment and large-scale residential expansion across key Mumbai locations. As competition for premium development opportunities intensifies, such FSI transactions are likely to remain a critical component of developers' growth strategies.