The development agreement (DA) has already been executed with 5 societies, while LOIs has been received from the remaining 3 societies, with DA execution expected over the next few days.
The project involves the redevelopment of a cluster of private housing societies located in Andheri’s vibrant residential hub, with a cumulative plot area of approximately 4.75 acres (19,229 square meters), encompassing 548 existing members. The proposed redevelopment is expected to unlock a saleable area of approximately 10.6 lakh square feet and generate a gross development value (GDV) of nearly Rs 3,000 crore.
"With this addition, Rustomjee has further strengthened its project pipeline for the current financial year, continuing its momentum of adding strategically located high-potential redevelopment projects in key city clusters,” the company stated.
Keystone Realtors is one of the prominent MMR based real estate developer and a leader in the redevelopment space. The company has a substantial portfolio of projects spanning the Mumbai Metropolitan Region (MMR), with 37 completed projects, 16 ongoing projects, and 26 forthcoming projects.
The company’s consolidated net profit surged 111.21% to Rs 64.80 crore, despite a 27.94% decline in revenue from operations to Rs 584.85 crore in Q4 FY25 over Q4 FY24.