Keystone Realtors chosen for ₹3K cr cluster redevelopment project in Mumbai

Five DAs signed and three LoIs in place for 4.75-acre cluster project in Lokhandwala, giving Rustomjee 10.6 lakh sq ft saleable area in key Mumbai residential zone

Mumbai-based Keystone Realtors (Rustomjee Group) has been selected by eight housing societies as the developer for the redevelopment of these societies as a cluster redevelopment in Andheri West, Mumbai. The project’s gross development value (GDV) is estimated to be around ₹3,000 crore.

 

The development agreement (DA) has already been executed with five societies, while letters of intent (LoIs) have been received from the remaining three, with DA execution expected over the next few days.

 

The project involves the redevelopment of a cluster of private housing societies located in Andheri West (Lokhandwala), with a cumulative plot area of approximately 4.75 acres (19,229 square metres), encompassing 548 existing members. The proposed redevelopment is expected to unlock a saleable area of approximately 10.6 lakh square feet for Rustomjee.

 

 

The project is said to be part of Rustomjee’s strategy to expand its presence in prime suburban markets and build a well-diversified portfolio across micro-markets and ticket sizes. 

 

Boman Irani, chairman and managing director, Keystone Realtors (Rustomjee Group), said: “We are proud to have been selected as the preferred redevelopment partner for this large-format society cluster in Andheri West — one of Mumbai’s most dynamic residential neighbourhoods. With a GDV of nearly ₹3,000 crore and a significant development footprint, this project exemplifies our focus on scale, location, and value creation.”

 

Recently, the company received the letter of acceptance (LoA) for the redevelopment of 25 buildings in GTB Nagar of Mumbai’s Sion Koliwada, with a GDV of ₹4,521 crore, from the Maharashtra Housing and Area Development Authority (Mhada).

 

Additionally, in the last one year (April 2024–March 2025), Andheri West has seen 1,410 new property sale transactions with a gross sales value of ₹3,638 crore, according to Square Yards Data Intelligence, a real estate data analytics firm. 

 

The average property rate in the area stood at ₹49,244 per square foot as of the first quarter of the calendar year 2025 (Q1 CY25), compared to ₹47,416 per square foot in Q1 CY24.