Keystone Realtors, part of the Rustomjee Group, has signed development and construction agreements with the Maharashtra Housing and Area Development Authority (MHADA) for the redevelopment of GTB Nagar in Sion, one of Mumbai's large-scale urban renewal projects. According to the latest company announcement dated March 6, 2026, the agreements were executed through its wholly owned subsidiary, Keymidtown Developers Private Limited, in collaboration with MHADA and the societies of GTB Nagar. The signing follows a Letter of Acceptance awarded by MHADA in June 2025 for the redevelopment of the housing complex.
The redevelopment project spans approximately 11.54 acres (46,731.15 square metres) and is expected to benefit more than 1,200 members of the GTB Nagar societies. As reported by the company's latest announcement, the project is estimated to unlock a saleable area of about 20.7 lakh square feet, with a gross development value (GDV) of approximately ₹4,521 crore. The redevelopment aims to create a community-oriented neighbourhood where urban infrastructure and green spaces coexist while improving living standards for residents.
The residential towers will be constructed using aluminium formwork technology, which provides a durable and watertight external concrete structure. According to the company, the buildings will be designed to meet stringent structural safety standards, including resistance to wind and earthquake forces. The project will also incorporate fire safety systems, modern electrical and plumbing infrastructure, and vertical transportation facilities aimed at delivering a modern residential environment.
According to the company, the redevelopment aims to create a modern residential community while integrating open spaces and sustainable design elements. As reported by the latest announcement, the development aims to create a community-oriented neighbourhood where urban infrastructure and green spaces coexist while improving living standards for residents. The project reinforces Rustomjee Group's focus on community-led redevelopment projects and strengthens its presence in central Mumbai.
Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, expressed delight at the agreement signing with MHADA for the GTB Nagar redevelopment. According to the company's latest announcement, Irani stated that the signing of the agreements marks an important milestone in delivering improved housing and a secure future for more than 1,200 members who have waited for the redevelopment of the area. He added that the company remains committed to working closely with MHADA and other stakeholders to ensure that residents receive their new homes at the earliest and that the neighbourhood evolves into a vibrant and future-ready community.
