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Keystone Realtors Ltd has secured a significant cluster redevelopment project in Andheri West, one of the city's most sought-after residential neighbourhoods. The developer has been appointed by eight housing societies for the redevelopment of a 4.75-acre parcel that currently houses 548 members. With development agreements already executed with five societies and Letters of Intent (LoIs) from the remaining three, the project is projected to create 10.6 lakh sq ft of saleable area, generating an estimated Gross Development Value (GDV) of INR 3,000 crore. This marks a major step in Keystone's strategy to strengthen its presence across high-potential suburban micro-markets in Mumbai.
Keystone Realtors Ltd has been selected as the development partner for a large-scale cluster redevelopment project in Andheri West, further reinforcing its position as a major player in Mumbai's urban transformation efforts. The company confirmed this development in a regulatory filing made during the past week, stating that it had received mandates from eight housing societies for the project. Advertisement
The redevelopment spans approximately 4.75 acres and includes the homes of 548 existing society members. So far, the company has signed Development Agreements (DAs) with five of the societies, while LoIs have been received from the other three. The final agreements for the remaining societies are expected to be completed within the coming days, signalling a near-full wrap on legal and planning formalities.
The proposed project is set to deliver a saleable area of approximately 10.6 lakh square feet. Keystone estimates that the project will generate a GDV of around INR 3,000 crore. The land parcel is situated in the heart of Andheri West, a zone known for its mix of residential vibrancy, proximity to commercial hubs, and access to social infrastructure factors that have made it one of the most competitive real estate markets in the Mumbai Metropolitan Region (MMR).
Established in 1995, Keystone Realtors is among the country's prominent developers, operating under its flagship brand, Rustomjee. Over the years, the company has developed a strong presence in Mumbai and its surrounding regions. So far, it has completed 37 projects and is currently executing 16 more. Its delivery track record exceeds 26 million square feet, and it has a development pipeline of more than 40 million square feet underway spanning residential, commercial, and mixed-use formats.
The redevelopment drive in Andheri West is reflective of a broader trend unfolding across Mumbai. With ageing residential buildings, mounting space constraints, and a renewed policy push from the Maharashtra government to encourage cluster redevelopment, developers are increasingly viewing such projects as both socially impactful and commercially rewarding. The Andheri project is likely to act as a benchmark for future initiatives in other western suburbs like Goregaon, Vile Parle, and Santacruz.
Source PTI
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