Keystone Realtors Shares Jump 7.6% as Company Secures ₹4,521 Cr GTB Nagar Redevelopment Project

Mumbai, July 1, 2025 – Keystone Realtors Limited (NSE: RUSTOMJEE) surged 7.60% to ₹659 in morning trade on Monday after the company announced that it has received the Letter of Acceptance (LOA) for the large-scale redevelopment of GTB Nagar in Sion, Mumbai. The project, awarded in partnership with MHADA, is expected to generate a Gross Development Value (GDV) of approximately ₹4,521 crore.

Stock Performance Snapshot

Project Details: GTB Nagar Redevelopment

According to the company’s regulatory filing under Regulation 30 of SEBI (LODR) Regulations, 2015, the GTB Nagar redevelopment spans 11.19 acres (45,308 sq.m.) and will benefit over 1,400 families, including 1,200 society members and 200 slum residents. The estimated saleable area is approximately 20.7 lakh sq.ft., aligning with a GDV of ₹4,521 crore.

Impactful Urban Transformation

The project is a significant part of Mumbai’s urban regeneration efforts and will be executed in collaboration with MHADA (Maharashtra Housing and Area Development Authority). Keystone Realtors emphasized its continued focus on “community-first” development and sustainable urban renewal through public-private partnerships.

Management Commentary

“We are honoured to have received the LOA for GTB Nagar’s redevelopment; this is not just a project, it is a movement. With over 1,400 families involved, we are privileged to be entrusted with this responsibility,” said Mr. Boman Irani, Chairman and Managing Director of Keystone Realtors Limited.

“We see this as more than infrastructure-it’s about rebuilding lives, restoring trust, and reshaping futures.”

Company Background

Keystone Realtors Limited, incorporated in 1995 and listed on NSE and BSE since November 24, 2022, operates under the flagship Rustomjee brand. It has delivered over 26 million sq ft. across 37 completed projects, with 16 ongoing and 26 forthcoming projects across the Mumbai Metropolitan Region (MMR). The company’s redevelopment portfolio includes over 1,700 homes, highlighting its deep domain expertise in Mumbai’s urban transformation ecosystem.

Outlook

The GTB Nagar project further cements Keystone’s leadership in the MMR redevelopment space. With a strategic asset-light approach and a robust project pipeline of 40+ million sq ft., the company is well-positioned to capitalise on Mumbai’s next wave of infrastructure-driven real estate growth.

REF: https://nsearchives.nseindia.com/corporate/RUSTOMJEE_01072025100221_GTB.pdf

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