Rustomjee Awarded LOA for GTB Nagar Redevelopment in Partnership with MHADA with GDV of Rs. 4,521 Crores

Keystone Realtors Limited (Rustomjee Group), a leading Mumbai-based real estate developer, is pleased to announce that it has received the Letter of Acceptance (LOA) for the redevelopment of GTB Nagar in Sion, one of Mumbai’s most impactful urban transformation projects, being undertaken in collaboration with MHADA (Maharashtra Housing and Area Development Authority).

Spread across a plot area of approximately 11.19 Acres (45,308 square meters), this large-scale redevelopment will benefit over 1,400 families, 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 Crores.

This project reaffirms Rustomjee’s commitment to inclusive and community-first development, particularly through strategic partnerships with public bodies to revitalise the city’s aging housing stock into modern, resilient, and future-ready neighbourhoods. It also further strengthens the Group’s presence in central Mumbai.

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Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, said, “We are honoured to have received the LOA for the redevelopment of GTB Nagar in Sion; a project that carries the hopes of 1,200 society members and 200 slum residents. As a pioneer in Mumbai’s redevelopment space, Rustomjee has always believed that such projects are not just about infrastructure, but about impact. In partnership with MHADA, we see this as much more than a redevelopment - it is about restoring faith, rebuilding homes and uplifting lives. With over 1,400 families involved, this is among the largest redevelopment initiatives the city has seen and we are privileged to be entrusted with this responsibility. Our endeavour is to create spaces that go beyond infrastructure and spark a positive transformation in the way people live, grow and thrive. Together, we move forward - not just to rebuild homes, but to reshape futures.”