Keystone Realtors signs GTB Nagar redevelopment deal with MHADA

Keystone Realtors, through its subsidiary Keymidtown Developers, has signed a development agreement with GTB Nagar societies and MHADA, along with a separate construction and development agreement with MHADA, to redevelop GTB Nagar in Sion.

The project covers about 11.54 acres and will benefit more than 1,200 residents while unlocking roughly 20.7 lakh square feet of saleable area with an estimated gross development value of Rs 4,521 crore.

The residential towers will be built using aluminium formwork technology, ensuring durability, watertight exteriors, and adherence to stringent structural, fire safety, electrical, plumbing, and vertical transport standards. The development aims to harmonize modern living with green spaces, setting a benchmark for future urban redevelopment.

Boman Irani, chairman and managing director of Keystone Realtors, said, ?We are delighted to share that the Development Agreement and a separate Construction and Development Agreement with MHADA for the redevelopment of GTB Nagar have now been formally signed with the Maharashtra Housing and Area Development Authority (MHADA), marking a significant milestone in this transformative journey. For us at Rustomjee, this moment carries deep meaning.

This project represents the aspirations of more than 1,200 members who have waited patiently for the promise of better homes and a more secure future. With the signing of this agreement, we move one step closer to translating that promise into reality. Redevelopment, in our view, is not merely about constructing buildings, but it is about restoring dignity, strengthening communities, and delivering homes that members truly deserve.

We remain committed to working closely with MHADA and all stakeholders to ensure that the existing residents of GTB Nagar receive their new homes at the earliest and that the neighborhood evolves into a vibrant, inclusive, and future-ready community. We are honored to be entrusted with a project of such scale and emotional significance, and we look forward to shaping a development that will positively impact generations to come.

Keystone Realtors is one of the prominent real estate developers in the Mumbai Metropolitan Region (MMR).

The company?s consolidated net profit fell 77.57% to Rs 3.38 crore on a 42.64% fall in revenue from operations to Rs 266.17 crore in Q3 December 2025 over Q3 December 2024.

Shares of Keystone Realtors fell 1.49% to Rs 393.05 on the BSE.

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