Mumbai’s real estate market is witnessing a significant boost with the announcement of the redevelopment of eight housing societies in Andheri West by Keystone Realtors Limited, widely known as the Rustomjee Group. This ambitious project is expected to generate a revenue of ₹3,000 crore, driven by a saleable area of approximately 10.6 lakh sq. ft. Located in one of Mumbai’s most dynamic residential neighborhoods, Lokhandwala, the project marks a strategic expansion for the group, reflecting its growing influence in key suburban markets.
Project Overview:
The Rustomjee Group has been selected to redevelop eight housing societies in Andheri West, Mumbai. The project spans across a cumulative plot area of 4.75 acres (19,229 sq. meters) and is poised to include 548 existing members. The redevelopment will involve the demolition of old buildings, followed by the construction of modern, larger buildings that offer free apartments to existing residents. These new buildings will be built with a focus on meeting the demand for premium residential spaces, while also creating a substantial amount of saleable area to generate revenue.
Key Details:
- Project Location: Lokhandwala, Andheri West, Mumbai
- Total Area: 4.75 acres (19,229 sq. meters)
- Saleable Area: 10.6 lakh sq. ft.
- Expected Revenue: ₹3,000 crore
- Current Residents: 548
- Development Agreements (DAs) Signed: 5
- Letters of Intent (LOIs) Received: 3
What is Redevelopment?
Redevelopment in Mumbai involves demolishing outdated structures and replacing them with modern buildings. The aim is to provide larger, better-quality living spaces while increasing the density of residential areas. Residents of the old structures receive larger apartments in the new buildings, free of charge. The builder profits by selling some of the new units in the open market, while the government earns revenue through the sale of Floor Space Index (FSI) to the builder.
Strategic Importance of the Project:
This redevelopment project aligns with Rustomjee Group’s strategy to expand its presence in Mumbai’s key suburban markets. The group’s focus is on strategically located redevelopment opportunities that promise high returns and long-term value creation.
Boman Irani’s Statement:
Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, expressed his pride in being selected as the preferred redevelopment partner. He emphasized, “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.”
Other Noteworthy Projects by Rustomjee:
Earlier, Rustomjee was appointed by the Maharashtra Housing and Area Development Authority (MHADA) to redevelop 25 buildings in GTB Nagar, Sion Koliwada. The project aims to rehabilitate 1,200 Sindhi families who migrated to India from Pakistan post-Independence. This project is yet another example of the group’s commitment to improving living conditions in the city’s redevelopment zones.
Summary Table for Quick Facts:
| Parameter | Details |
|---|---|
| Project Location | Lokhandwala, Andheri West, Mumbai |
| Plot Area | 4.75 acres (19,229 sq. meters) |
| Saleable Area | 10.6 lakh sq. ft. |
| Expected Revenue | ₹3,000 crore |
| Current Residents | 548 |
| Development Agreements (DAs) | 5 |
| Letters of Intent (LOIs) | 3 |
| Other Notable Projects | GTB Nagar, Sion Koliwada |
Frequently Asked Questions (FAQs):
1. What is the total revenue expected from the redevelopment of the Andheri West project?
- The redevelopment project is expected to generate ₹3,000 crore in revenue from the saleable area.
2. How large is the saleable area in the Rustomjee Group’s Andheri West redevelopment?
- The redevelopment is expected to unlock approximately 10.6 lakh sq. ft. of saleable area.
3. How many housing societies are involved in this redevelopment project?
- Eight housing societies in Andheri West are involved in this large-scale redevelopment project.
4. What does redevelopment entail in the context of housing projects?
- Redevelopment involves demolishing old buildings and constructing new, larger buildings. Existing residents receive free, larger apartments in the new buildings, while the builder sells some units to profit.
5. What is the significance of the Lokhandwala area in Mumbai?
- Lokhandwala is a vibrant residential hub known for its strategic location in Andheri West, making it an attractive area for redevelopment projects.