New Delhi, February 16 Keystone Realtors Ltd will redevelop 8 housing societies in Mumbai and expects to generate revenue of ₹1,775 crore from the sale of approximately 5 lakh square feet of free sale area in the upcoming project.
Mumbai-based Keystone Realtors sells properties under the 'Rustomjee' brand.
In a regulatory filing on Monday, the company informed that it has been appointed as the developer for a large society redevelopment project of Om Nagar Co-operative Housing Society Federation Limited.
The project involves the redevelopment of eight housing societies on a total land parcel of 20,569.90 square metres in Andheri (East), Mumbai.
"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 about 5 lakh sq ft of RERA carpet area, with an estimated Gross Development Value (GDV) of ₹1,775 crore," the company said.
Keystone Realtors CMD Boman Irani said the company is increasing its focus on large society redevelopment, and this project further enhances its presence in a strategically important suburban market.
The company has a substantial portfolio of projects spanning the Mumbai Metropolitan Region (MMR), with 38 completed projects, 20 ongoing projects, and 24 forthcoming projects.