Rustomjee Adds 'The Homestead CHSL' to Lokhandwala Cluster Redevelopment, Expanding Andheri West Pipeline to ~₹3,900 Crore GDV
Lokhandwala Cluster Expands as Rustomjee Adds The Homestead CHSL
In its Q4 FY26 operational update filed with the National Stock Exchange on April 6, 2026, Keystone Realtors disclosed the addition of "The Homestead CHSL" as a separate redevelopment agreement within its Lokhandwala Cluster in Andheri West. With this addition, the total estimated GDV of the Lokhandwala Cluster has grown to approximately ₹3,900 crore.
The expansion comes as Keystone Realtors Limited, which sells under the Rustomjee brand, consolidates its position as one of the leading real estate companies in the country. The developer has made cluster redevelopment in the Mumbai Metropolitan Region a strategic priority, and the Lokhandwala initiative represents a significant component of that effort.
A Cluster Redevelopment Strategy in Prime Territory
Lokhandwala Complex is a large, upmarket, and affluent residential and commercial neighbourhood in the Andheri West suburb in Mumbai. Versova Metro Station on Line 1 is just a 5-minute walk away, and the Andheri Station connects to both Western and Harbour lines. In the last one year (April 2024–March 2025), Andheri West has seen 1,410 new property sale transactions with a gross sales value of ₹3,638 crore.
Rustomjee has honed its skills in the redevelopment field and is the go-to developer that societies consider, with clusters placing their faith in the developer to change their life and lifestyle for the future. The Lokhandwala Cluster redevelopment reflects this positioning: the project was initially announced at approximately ₹3,000 crore GDV across eight housing societies covering about 4.75 acres, with The Homestead CHSL addition now bringing the scope higher.
Broader Redevelopment Portfolio
Rustomjee has added several large-scale cluster redevelopment projects including Lokhandwala, GTB Nagar, Dindoshi and Malad West. These projects position Rustomjee to lead the next wave of Mumbai's urban transformation built on trust, design excellence and community upliftment, and are fully aligned with the company's vision to consolidate its leadership in the redevelopment space across MMR.
In FY26, Keystone Realtors announced business development additions totaling ₹104.66 billion in GDV across multiple redevelopment projects, achieving 174% of the full-year business development guidance of ₹60 billion, with all these being redevelopment projects.
Developer Context and Track Record
Keystone Realtors was incorporated in 1995 and is based in Mumbai. The company's portfolio includes 14.32 million square feet of completed projects; 12 million square feet of ongoing development and another 28 million square feet of planned development in the pipeline, spanning across the best locations of Mumbai Metropolitan Region.
The addition of The Homestead CHSL to the Lokhandwala Cluster demonstrates Rustomjee's continued focus on large-format, multi-society redevelopment as a path to growth in established Mumbai neighbourhoods. Financially, the company maintains strict thresholds with upfront equity capital limited to 10% of total project GDV up to launch, reflecting a capital-efficient, asset-light approach that has become central to its business model.