In a major boost to Mumbai’s urban renewal, leading real estate developer Keystone Realtors Limited (part of the renowned Rustomjee brand) has secured the prestigious Letter of Acceptance (LOA) for the massive GTB Nagar redevelopment project in Sion.
This significant project, developed jointly with the Maharashtra Housing and Area Development Authority (MHADA), this landmark initiative stands as Mumbai’s biggest sanctioned real estate venture of the year.
The project involves the comprehensive redevelopment of approximately 11.19 acres of prime urban land. With a staggering Gross Development Value (GDV) estimated at ₹4,522 crores, it stands as a significant undertaking in the city’s real estate landscape. The development will create a modern built-up area of 20.7 lakh square feet.
The GTB Nagar project is more than just bricks and mortar; it promises a transformative impact. Over 1,400 families currently residing in the area will directly benefit, exchanging older structures for modern, sustainable living spaces designed for comfort and well-being.
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This large-scale redevelopment directly addresses the need for upgrading Mumbai’s aging housing infrastructure and congested residential zones.
Mr. Boman Irani, Chairman & Managing Director of Keystone Realtors, highlighted the project’s significance: “Securing this LOA is a powerful validation of our expertise and strengthens our leadership position in Mumbai’s redevelopment sector. GTB Nagar is a landmark project, not just due to its scale, but also because of its profound impact on urban housing and community living. “.
The collaboration with MHADA, a key government stakeholder, ensures the project operates with transparency, discipline, and strict adherence to the latest urban housing regulations.
This public-private partnership model is vital for large-scale urban renewal projects, guaranteeing high standards of construction and compliance.
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Keystone Realtors is poised to commence site mobilization and detailed planning activities by the end of the current financial year (FY25). The actual construction will then proceed in a phased manner over the coming years, meticulously transforming GTB Nagar into a vibrant, modern residential hub.
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