From Chawls to Chic: Keystone Realtors and MHADA Ignite Mumbai’s Largest Urban Renewal at GTB Nagar

Image Source: EPC World

Keystone Realtors Ltd (Rustomjee Group) has been granted the Letter of Acceptance (LoA) by the Maharashtra Housing and Area Development Authority (MHADA) for redeveloping 25 structures in GTB Nagar, Sion Koliwada-one of the biggest urban redevelopment projects so far in Mumbai. The ₹4,521-crore project will be developed on 11.19 acres and will accommodate over 1,400 families, comprising 1,200 members of societies and 200 slum residents.

Project Size:

Spans 11.19 acres at Sion Koliwada, Mumbai.
Will restore 25 buildings that were originally constructed in 1958 for post-Independence immigrants.
Opens for leasing approximately 20.7 lakh sq ft of space to Keystone Realtors.

Social Impact:

Approximately 1,200 families resettled to be given free 635 sq ft homes each.
200 slum residents also included in the rehabilitation program.
MHADA will be getting 25,700 sq m of developed housing stock.
Qualifying tenants to receive ₹20,000 a month rent until project completion, and five years of maintenance upon possession.

Legal & Administrative Milestones:

Approved under Regulation 33(9) of DCPR 2034, with Special Planning Authority of MHADA.
Supreme Court ruling paved the way for private land redevelopment by MHADA, and the policy established a precedent for subsequent projects.
LoA was formally transferred at MHADA office at Bandra (East).

Market & Urban Impact:

Keystone's stock rose over 7% on the news, reflecting investor enthusiasm.
The development is hailed as a public-private partnership model for urban renewal, following other major Mumbai redevelopments including Dharavi and BDD Chawl.

Developer's Statement:

Boman Irani, CMD, Keystone Realtors, highlighted the project's potential to transform:

We see this as so much more than redevelopment – it is restoring hope, rebuilding homes, and lifting lives. With over 1,400 families involved, this is one of the city's largest redevelopment projects ever and we're humbled to have this responsibility.

Source: Business Standard, The Realty Today, Mid-Day, Economic Times, CNBC-TV18, Ace Update, EPC World, Aurum PropTech, Hindustan Times.