Shares of Keystone Realtors Ltd, a member of the Rustomjee Group, were trading in the red and 2% lower on 6 March despite the company announcing that it has inked development and construction agreements with the Maharashtra Housing and Area Development Authority for the rebuilding of GTB Nagar in Sion, one of Mumbai’s major urban renewal projects.
The agreements were inked by its subsidiary, Keymidtown Developers.
More than 1,200 residents are expected to benefit from the redevelopment project, which spans around 11.54 acres (46,731.15 square metres).
The project is expected to generate a saleable area of roughly 20.7 lakh square feet, with a gross development value (GDV) of around Rs 4,521 crore.
The residential towers will be built with aluminium formwork technology, which ensures a long-lasting and waterproof external concrete construction. The structures will be constructed to meet strict structural safety criteria, including wind and seismic protection.
The project will also include fire protection systems, electrical and plumbing infrastructure, and vertical transit options.
According to the firm, the reconstruction would create a modern residential neighbourhood while incorporating open spaces and sustainable design aspects.
The initiative also underscores Rustomjee Group’s commitment to community-led redevelopment projects and expands its presence in central Mumbai.
“We are delighted to announce the signing of the development and construction agreements with MHADA for the redevelopment of GTB Nagar,” said Boman Irani, Chairman and Managing Director of Keystone Realtors.
He noted that the deal is a crucial step toward upgrading the housing cluster into a contemporary and resilient residential development.
At 2:25 pm, the shares of Keystone Realtors were trading 1.45% lower at Rs 394.10 on NSE.
Tired of guessing stocks to trade in daily?
Tradz by EquityPandit empowers you with powerful tools like daily stock scans for Intraday, Swing & Investing, Market Predictions and much more. Download the Tradz by EquityPandit app today and take control of your investments!
! function(f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function() {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = '2.0';
n.queue = [];
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t, s)
}(window, document, 'script',
'https://connect.facebook.net/en_US/fbevents.js');
fbq('init', '3073641249573162');
fbq('track', 'PageView');
window.fbAsyncInit = function() {
FB.init({
appId : '348280475330978',
autoLogAppEvents : true,
xfbml : true,
version : 'v3.0'
});
var penciCommentCallback = function ( response ) {
jQuery.ajax( {
type: 'GET',
dataType: 'json',
url: 'https://www.equitypandit.com/wp-admin/admin-ajax.php',
data: {
action: 'penci_clear_fbcomments',
post_id: ''
}
}
)
};
FB.Event.subscribe( 'comment.create', penciCommentCallback );
FB.Event.subscribe( 'comment.remove', penciCommentCallback );
};
(function ( d, s, id ) {
var js, fjs = d.getElementsByTagName( s )[0];
if ( d.getElementById( id ) ) {
return;
}
js = d.createElement( s );
js.id = id;
js.src="https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.0&appId=348280475330978&autoLogAppEvents=1";
fjs.parentNode.insertBefore( js, fjs );
window.fbAsyncInit = function () {
FB.init( {
appId: '348280475330978',
autoLogAppEvents: true,
xfbml: true,
version: 'v3.0'
} );
};
}( document, 'script', 'facebook-jssdk' ));