Rustomjee Signs Development Agreement with MHADA for ₹4,521 Crore GTB Nagar Redevelopment in Sion
Rustomjee Signs Development Agreements for ₹4,521 Crore GTB Nagar Redevelopment
Keystone Realtors Limited, part of the Rustomjee Group, has signed a Development Agreement and a separate Construction and Development Agreement for the redevelopment of GTB Nagar in Sion in partnership with the Maharashtra Housing and Area Development Authority (MHADA). The signing follows a Letter of Acceptance awarded by MHADA in June 2025.
Scale and Scope of the Redevelopment
Spread across a plot area of approximately 11.54 acres (46,731.15 square meters), this large-scale redevelopment will benefit over 1,200+ members and is expected to unlock a saleable area of approximately 20.7 lakh square feet, with an estimated Gross Development Value (GDV) of ~Rs. 4,521 Crs.
The company executed the agreements through its wholly owned subsidiary, Keymidtown Developers Private Limited, in collaboration with MHADA and the societies of GTB Nagar.
Historic Rehabilitation Initiative
Constructed in 1958 for post-Independence migrants, the buildings in GTB Nagar were declared unsafe by the Brihanmumbai Municipal Corporation in 2020 and subsequently demolished. The redevelopment will include new housing for 1,200 society members and about 200 families from informal housing.
Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, said the signing of the agreements marks an important milestone in delivering improved housing and a secure future for more than 1,200 members who have waited for the redevelopment of the area.
Modern Construction and Amenities
The residential towers shall be constructed using Aluminium formwork technology rendering a durable and watertight external concrete envelope.
The project will offer state-of-the-art lifestyle amenities including a fully equipped gymnasium, indoor games zone, yoga/multi-function studio, children's play area, library, and a spacious banquet hall of approximately 4,000 sq. ft. with an attached kitchen.
Location and Connectivity
GTB Nagar, situated in Sion in South Central Mumbai, is a prominent and well-developed residential area in Mumbai, known for its serene environment and well-planned infrastructure, offering a comfortable living experience with excellent connectivity to other parts of Mumbai and access to various amenities. The GTB Nagar railway station on the Harbour Line provides easy access to the Mumbai suburban railway network, facilitating convenient commutes.
Rustomjee's Redevelopment Credentials
Keystone Realtors has been active in Mumbai's real estate market since 1995. The company has delivered over 26 million square feet across multiple residential projects. Its portfolio includes 37 completed projects, 16 currently under development, and 26 in the pipeline.
Rustomjee has provided housing for over 17,000 families, including more than 1,700 through redevelopment initiatives.
Project Timeline and Support for Residents
Upon receipt of the Commencement Certificate (CC) from the competent authority, all eligible resident beneficiaries will be provided a monthly rent compensation of Rs 20,000. After completion of the project, MHADA will undertake the maintenance and management of the buildings for a period of five years.