Rustomjee GTB Nagar (Sion Koliwada) Redevelopment Project Receives MahaRERA Registration No. P51800033893
Rustomjee GTB Nagar Receives MahaRERA Registration for Sion Koliwada Redevelopment
Rustomjee's GTB Nagar redevelopment project in Sion Koliwada, Mumbai has received RERA approval under registration number P51800033893. The milestone comes as all cooperative housing societies in the project have executed the Tripartite Development Agreement with MHADA and the appointed Construction & Development Agency, Rustomjee Group.
Project Scope and Rehabilitation
The project involves 25 buildings and aims to rehabilitate more than 1,400 families including 1,200 Sindhi refugee families and 200 slum dwellers. The GTB Nagar Redevelopment Project, spread across approximately 11.20 acres, comprises the historic colony of 25 buildings with around 1,200 tenements. In 2020, these buildings were declared dangerous by the Municipal Corporation of Greater Mumbai and were subsequently demolished, requiring residents to relocate.
Each of the 1,400 eligible families will receive a 635 sq ft apartment free of cost in the newly constructed buildings. The project offers 1 BHK, 2 BHK and 3 BHK premium apartments equipped with smart home automation.
Historical Context
The GTB Nagar colony was initially developed to house families displaced from Pakistan's Sindh and Punjab provinces following the Partition of 1947. Under the Displaced Persons (Compensation and Rehabilitation) Act of 1954, these families were allotted homes on an instalment basis. The 25 buildings constructed from 1957 onwards housed around 1,200 refugee families. The redevelopment of these buildings has been a longstanding issue, with the BMC declaring them dilapidated and sending notices since 2011.
Regulatory Framework
In the Cabinet meeting held on February 14, 2024, approval was granted for redevelopment under Regulation 33(9) through a Construction & Development Agency. Subsequently, through a Government Resolution dated February 23, 2024, MHADA was granted the status of Special Planning Authority for the project. The GTB Nagar redevelopment represents MHADA's first project on private land executed through a construction-and-development agency model, a structure that allows the housing authority to partner with a developer while retaining planning oversight of the project.
Developer Background
Rustomjee Group, operating under its parent company Keystone Realtors Limited, is among Mumbai's most respected and established real estate developers. Rustomjee is a Mumbai based real estate company, founded by Boman Irani in 1995. As part of its business model, the company focuses on entering into joint property agreements, redevelopment agreements with landowners or builders, or societies, and slum rehabilitation development.
Rustomjee Group's Chairman and Managing Director, Boman Irani, described the project as one of the largest redevelopment efforts in the city. He stated that it is not merely an infrastructure exercise but also one that carries social importance, as it involves families who have been part of the area's history for over six decades.
Location and Connectivity
The project is near the Eastern Express Highway and Western Express Highway ensuring seamless connectivity. The nearby GTB Nagar railway station and metro stations ensure hassle-free daily commutation. The major business hubs like BKC, Lower Parel, Andheri and Fort are easily accessible, and appealing to many working professionals.
Development Value
The redevelopment covers approximately 11.20 acres (45,308 square meters) and is expected to generate a gross development value of ₹4,521 crore. Executed through Keystone Realtors subsidiary Keymidtown Developers, the redevelopment is expected to unlock around 20.7 lakh sq ft of saleable area with an estimated gross development value of about INR 4,521 crore.