Keystone Realtors secures rights for 5-acre redevelopment in Mumbai’s Andheri

Realty developer Keystone Realtors Ltd has secured rights to redevelop a nearly 5.1-acre housing society cluster in Mumbai’s western suburb Andheri (East), as part of a large suburban renewal project with an estimated gross development value (GDV) of over Rs 1,775 crore.

The listed developer, which operates under the Rustomjee brand, has been appointed as the developer for the Om Nagar Co-operative Housing Society Federation, comprising eight residential societies spread across the land parcel. The project will involve the rehabilitation of 637 existing members, the company said in a regulatory filing.

The redevelopment is expected to unlock a free-sale potential of over 5 lakh sq ft of RERA carpet area, which the company will monetise in the open market after rehousing existing occupants.


“The company is increasing its focus on large society redevelopment, and this project further enhances our presence in a strategically important suburban market…We remain focused on disciplined execution and value creation as we continue to strengthen our project pipeline and pursue sustainable long-term growth,” said Boman Irani, CMD, Keystone Realtors.

The project comes as Mumbai developers increasingly rely on society redevelopments for growth amid scarcity of large vacant land parcels in the city. Ageing cooperative housing societies in suburban locations have become a major source of new housing supply, allowing developers to enter established neighbourhoods with ready infrastructure and end-user demand.

Keystone Realtors said the development aligns with its strategy of expanding across key suburban markets and building a diversified portfolio across ticket sizes. The company also expects the project to strengthen its launch pipeline for the current financial year.

Redevelopment typically allows existing residents to receive larger homes and modern amenities, while developers gain saleable inventory in high-demand locations.

Areas such as Bandra, Khar, Andheri, Goregaon and Borivali including other key localities of the city have seen rising redevelopment activity in recent years as housing demand in Mumbai remains steady.