Rustomjee Group secures the Andheri West (Lokhandwala) Cluster redevelopment project in Mumbai. Stock gains nearly 10% as over 8 societies stand to benefit from the ₹3,000 crore project.
The Keystone Realtors (Rustomjee Group) share price is in focus following the company’s announcement that it has been selected to lead a significant cluster redevelopment initiative in the sought-after residential area of Andheri West, Mumbai.
Keystone Realtors Limited, part of the Rustomjee Group and a leading real estate developer based in Mumbai, has been appointed as the developer for a major cluster redevelopment project in the prime residential locality of Andheri West, Mumbai.
The selection includes eight housing societies, out of which Development Agreements (DAs) have already been executed with five. Letters of Intent (LOIs) have been received from the remaining three societies, with DA execution expected in the coming days.
The project involves the redevelopment of a group of private housing societies in a key residential hub of Andheri West. The cumulative plot area covers approximately 4.75 acres or 19,229 square meters. The redevelopment will impact 548 existing society members.
The proposed plan is expected to unlock a saleable area of about 10.6 lakh square feet and generate a Gross Development Value (GDV) of around ₹3,000 crore.
This development is in line with Rustomjee’s broader strategy of expanding its footprint in prime suburban areas and diversifying its real estate portfolio across micro-markets and price segments. The company aims to deliver large gated community projects offering holistic urban lifestyle amenities.
Mr. Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, commented, “We are proud to have been selected as the preferred redevelopment partner for this large-format society cluster in Andheri West - one of Mumbai’s most dynamic residential neighbourhoods. With a GDV of nearly ₹3,000 crores and a significant development footprint, this project exemplifies our focus on scale, location, and value creation. We believe that urban redevelopment is not just about creating real estate, but about revitalising communities and transforming the way people live in the city. This cluster-led approach is a testament to the growing trust in Rustomjee’s redevelopment capabilities and our consistent track record of timely delivery and thoughtful design.”
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.
Keystone Realtors Limited (Rustomjee Group) share price opened at ₹656.25 on the NSE and later touched an intraday high of ₹697. As of 11:03 AM on Wednesday, July 2, 2025, the stock was trading nearly 3.6% higher. On an intraday basis, the share price jumped almost 10%, approaching a 7-month high.
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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