Mumbai-based real estate firm Keystone Realtors, also known as Rustomjee Group, has been selected to lead the redevelopment of eight housing societies in Andheri East, with an estimated revenue potential of Rs 1,775 crore.
According to a regulatory filing, the project covers the Om Nagar Co-operative Housing Society Federation in Andheri (East) and spans a combined land parcel of approximately 20,569.90 square metres. The redevelopment will rehouse 637 existing members and is expected to generate nearly five lakh sq ft of free-sale RERA carpet area, translating into a Gross Development Value (GDV) of Rs 1,775 crore.
“Keystone Realtors Limited has been selected as the Developer of choice for the large society redevelopment project to redevelop the plot and premises of Om Nagar Co-operative Housing Society Federation Limited, comprising 8 housing societies,” the company said.
The firm’s chairman and managing director, Boman Irani, stated, “We are pleased to have been selected as the preferred Developer for the Om Nagar redevelopment project in Andheri (East), which represents an important addition to Rustomjee’s growing redevelopment portfolio. With a GDV of nearly Rs. 1,775 crores and a significant development footprint, this project exemplifies our focus on scale, location, and value creation.”
He added, “The Company is increasing its focus on large society redevelopment, and this project further enhances our presence in a strategically important suburban market. We believe that urban redevelopment is not just about creating real estate, but about revitalising communities and transforming the way people live in the city. We remain focused on disciplined execution and value creation as we continue to strengthen our project pipeline and pursue sustainable long-term growth.”
Earlier, Irani had remarked, “I don’t lose sleep over this, as many developers want to enter this space. The redevelopment market for old buildings in Mumbai is so large that there is no dearth of opportunities. New players will add value to redevelopment space in Mumbai,” underscoring the long-term potential of Mumbai’s redevelopment sector.
Source: Hindustan Times
