Rustomjee Signs Development Agreement for Om Nagar Cluster Redevelopment in Andheri East — ₹1,775 Crore GDV
Development Agreement Registered for Om Nagar Cluster Redevelopment
The Development Agreement between Om Nagar CHS Federation and eight societies and Keystone Realtors Ltd. (Rustomjee Group) was successfully registered with the Sub-Registrar of Assurances, Vile Parle (East), Mumbai on Friday, 16 January 2026. This formal execution unlocks one of Mumbai's largest ongoing society cluster redevelopment initiatives.
Scope and Scale
The project encompasses the redevelopment of eight housing societies situated on a strategically located land parcel measuring approximately 20,569.90 square meters in Andheri (East), Mumbai. The redevelopment will rehouse 637 existing members across all societies and unlock a significant free-sale potential of approximately 5 lakh sq. ft. of RERA carpet area, with an estimated Gross Development Value (GDV) of Rs. 1,775 crores.
The redevelopment comprises eight member societies, 10 buildings, open spaces and 637 families, paving the way for PAAA, vacation, demolition and the long-awaited redevelopment of the entire Om Nagar layout.
Strategic Location and Market Context
Andheri East remains one of Mumbai's high-growth western suburbs, benefiting from proximity to the Western Express Highway and ongoing metro connectivity projects. The upcoming Chhatrapati Shivaji Maharaj International Airport metro line will connect Andheri directly to the airport, making the area even more appealing through enhanced interconnectivity and new opportunities for employment and leisure.
Developer Track Record
Keystone Realtors Limited was incorporated in 1995 and is one of the prominent MMR-based real estate developers and a leader in the redevelopment space. The company has a substantial portfolio of projects spanning the Mumbai Metropolitan Region (MMR), with 38 completed projects, 20 ongoing projects and 24 forthcoming projects that cover all price points from mass market to luxury, and has delivered over 28+ million square feet of construction area, with a pipeline of over 47 million square feet in the works.
By successfully housing 18,000+ families, including re-housing 1,800+ existing families through several redevelopment projects, the company has a detailed understanding of the redevelopment process. This experience is particularly relevant to the complexity of coordinating across multiple housing societies and resident populations.
Strategic Expansion in Andheri
The Om Nagar project reinforces Rustomjee's deepening presence in Andheri. The company has separately been selected for an Andheri West cluster redevelopment involving eight housing societies in Lokhandwala, with a GDV estimated at around ₹3,000 crore, a cumulative plot area of approximately 4.75 acres (19,229 square metres), and 548 existing members.
The Om Nagar development aligns with Rustomjee's strategy to expand its presence in prime suburban markets and build a well-diversified portfolio across micro-markets and ticket sizes, while reinforcing its focus on creating gated communities and holistic lifestyle offerings through large-layout redevelopments, and has further strengthened its project pipeline for the current financial year.
Project Timeline and Next Steps
The registration of the Development Agreement marks the formal transition from the selection phase to active project mobilization. This historic step paves the way for PAAA, vacation, demolition and the long-awaited redevelopment of the entire Om Nagar layout. Cluster redevelopment of this scale typically involves phased construction schedules to manage resident relocation and temporary housing arrangements.