Keystone Realtors Limited, known for its premium brand “Rustomjee,” has announced a significant milestone in its real estate journey. On July 2, 2025, the company informed the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) that it has been selected by eight housing societies in Andheri West, Mumbai, to undertake a large-scale cluster redevelopment project.
Strategic Housing Society Alliances
The redevelopment initiative includes the following societies: Arena CHSL, Belmont CHSL, Rohit Apartments CHSL, Shree Padmavati CHSL, Cosmos CHSL, Mota Mahal CHSL, Mota Mansions CHSL, and The Ballerina CHSL. This selection positions Keystone as the key developer for a transformative urban regeneration project in one of Mumbai’s most sought-after residential locales.
Not a Typical Acquisition—Development Rights Model
It is important to note that this is not a conventional acquisition. No transfer of title is taking place. Instead, Keystone Realtors will acquire development rights, allowing them to redevelop the existing buildings while offering additional carpet area to current society members. This ensures residents gain enhanced living spaces, while the company benefits from the ability to load additional Floor Space Index (FSI) under the Development Control and Promotion Regulations (DCPR), 2034.
Regulatory Compliance and Approvals
Although the transaction does not fall under a related party arrangement and does not involve a share purchase or swap, regulatory approval from MHADA (Maharashtra Housing and Area Development Authority) will be required at a later stage. The project falls squarely within Keystone’s core business focus of real estate development.
Significance and Future Potential
This redevelopment project is not just a boost to Keystone’s project pipeline, but also a demonstration of its capability in handling high-value urban regeneration initiatives. With Mumbai facing a growing need for modern infrastructure and optimized space utilization, such projects are critical to the city’s evolution.
Keystone Realtors’ engagement in this cluster redevelopment project is a reflection of its strategic growth direction. With this venture, Rustomjee continues to reinforce its presence in Mumbai’s premium real estate segment, transforming the urban landscape while delivering enhanced value to residents and shareholders alike.
