Rustomjee Group secures GTB Nagar redevelopment project in Sion, Mumbai. Stock gains nearly 4% as over 1,400 families stand to benefit from the ₹4,521 crore project.
Keystone Realtors Limited (Rustomjee Group), a leading Mumbai-based real estate developer, saw its share price open at ₹612.40 on the NSE. It later touched an intraday high of ₹667.55. As of 1:34 PM on Tuesday, July 1, 2025, the stock was trading nearly 4% higher, bucking the trend in an otherwise subdued market.
The share price is in focus following the company’s announcement that it has received the Letter of Acceptance (LOA) for the redevelopment of GTB Nagar in Sion—one of Mumbai’s most significant urban transformation projects. This initiative is being executed in collaboration with MHADA (Maharashtra Housing and Area Development Authority).
Spread across approximately 11.19 acres (45,308 square meters), the project will benefit over 1,400 families. It is expected to unlock a saleable area of nearly 20.7 lakh square feet, with an estimated Gross Development Value (GDV) of ₹4,521 crore.
This redevelopment further solidifies Rustomjee’s commitment to inclusive, community-centric urban renewal. By partnering with public institutions, the company aims to modernize Mumbai’s aging housing stock into future-ready neighbourhoods while strengthening its footprint in central Mumbai.
Commenting on the development, Mr. Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, said,
“We are honoured to have received the LOA for the redevelopment of GTB Nagar in Sion—a project that represents the hopes of 1,200 society members and 200 slum residents. For Rustomjee, redevelopment is not just about building structures; it’s about creating impact. With MHADA’s support, we aim to restore faith, rebuild homes, and uplift lives. This is one of the largest such projects in the city, and we are privileged to lead it. Our goal is to design spaces that not only provide shelter but also empower people to grow and thrive.”
In the March 2025 quarter, Keystone Realtors reported a 27.94% year-on-year decline in revenue from operations at ₹584.80 crore, compared to ₹811.60 crore in the same period last year. However, the company’s profit after tax surged 112.23% to ₹69.40 crore from ₹32.70 crore a year earlier.
For the full year ended March 2025, revenue from operations fell 9.82% to ₹2,004.10 crore from ₹2,222.30 crore in FY24. Despite this, net profit jumped 141.90% to ₹198.60 crore from ₹82.10 crore in the previous year.
Founded in 1995, Keystone Realtors Limited is a key player in the Mumbai Metropolitan Region (MMR) real estate space and a leader in redevelopment. The company has delivered over 26 million square feet across 37 completed projects, with 16 ongoing and 26 forthcoming projects in its pipeline—covering a wide spectrum from affordable to super-premium housing.
Adopting a strategic asset-light model and an integrated development approach, the company brings a deep understanding of redevelopment processes. So far, Keystone has successfully housed over 17,000 families, including 1,700 through redevelopment initiatives, underscoring its capability to deliver high-impact, community-focused projects.
Disclaimer: The article is for informational purposes only and not investment advice.
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