Mumbai: Keystone Realtors Limited (Rustomjee Group), one of Mumbai’s most trusted and leading real estate developers, has been appointed as the Developer for a landmark large society redevelopment project of Om Nagar Co-operative Housing Society Federation Limited. The project involves the redevelopment of eight housing societies located on a strategically placed land parcel cumulative admeasuring ~20,569.90 square meters at Andheri (East), Mumbai, Maharashtra.
The proposed redevelopment will result in the rehousing of 637 existing members across all societies and is expected to unlock a significant free sale potential of ~5 Lakhs sq. ft. of RERA carpet area, with an estimated Gross Development Value (GDV) of ~Rs. 1,775 crores. This marquee redevelopment project reinforces Rustomjee’s strategy of building a diversified portfolio across ticket sizes and further deepens its footprint in Mumbai’s high-growth western suburbs, strengthening its long-term growth visibility.
This development aligns with Rustomjee’s strategy to expand its presence in prime suburban markets and build a well-diversified portfolio across micro-markets and ticket sizes, while reinforcing its focus on creating gated communities and holistic lifestyle offerings through large-layout redevelopments.
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 urban clusters, while further deepening its footprint in Mumbai’s high-growth western suburbs.
Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, said, “We are pleased to have been selected as the preferred Developer for the Om Nagar redevelopment project in Andheri (East), which represents an important addition to Rustomjee’s growing redevelopment portfolio. With a GDV of nearly Rs. 1,775 Crores and a significant development footprint, this project exemplifies our focus on scale, location, and value creation. This project underscores the confidence placed in our ability to execute large-scale, complex urban redevelopment assignments and deliver well-planned communities. The Company is increasing its focus on large society redevelopment, and this project further enhances our presence in a strategically important suburban market. We believe that urban redevelopment is not just about creating real estate, but about revitalizing communities and transforming the way people live in the city. We remain focused on disciplined execution and value creation as we continue to strengthen our project pipeline and pursue sustainable long-term growth.”
