Massive redevelopment project sanctioned for Sion’s GTB Nagar

MHADA approves Keystone Realtors’ ₹4,521-crore urban redevelopment project in Sion Koliwada.

The Maharashtra Housing and Area Development Authority (MHADA) has issued a Letter of Acceptance (LoA) to Keystone Realtors Ltd, part of the Rustomjee Group, for a large redevelopment project in Sion, Mumbai. The ₹4,521-crore project in Sion Koliwada’s GTB Nagar slum intends to rebuild 25 derelict structures that originally housed over 1,400 Sindhi immigrant families. It will cover 11.19 acres. Originally built in 1958, these structures were ruled hazardous by the Brihanmumbai Municipal Corporation in 2020 and removed. Since then, displaced residents have been staying in temporary housing.

According to the renovation proposal, each qualifying family would receive a free 635-square-foot apartment. MHADA will receive 25,700 sq m of built-up area for their housing stock and provide displaced tenants a monthly rent of ₹20,000 till the project is completed, with a five-year post-possession maintenance obligation. The project is planned to generate roughly 20.7 lakh square feet of saleable area and is being carried out under the Development Control and Promotion Regulation (DCPR) 2034, Regulation 33(9), with MHADA acting as the Special Planning Authority.

Boman Irani, Chairman & Managing Director of Keystone Realtors, expressed gratitude for the opportunity, describing it as one of the city’s major reconstruction endeavours and a chance to restore communities rather than simply residences. Following the news, the company’s stock price increased by over 9 percent, indicating investor confidence. This endeavour represents a significant urban regeneration milestone because it is MHADA’s first redevelopment project on private land. The project serves as an example of how public-private partnerships can achieve large-scale housing reform in Mumbai’s ageing neighbourhoods.

For more details, visit: https://mhada.gov.in/en