MHADA appoints Keystone Realtors to redevelop 25 buildings in GTB Nagar, Mumbai

Time of India

18 hours ago

NEW DELHI:
Keystone Realtors
has received the letter of acceptance (LOA) for the redevelopment of 25 buildings of Sindhi refugees at Guru Teg Bahadur Nagar (GTB Nagar) in Sion Koliwada,
Mumbai
, being undertaken in collaboration with Maharashtra Housing and Area Development Authority (
MHADA
).
Spread across a plot area of approximately 11.19 acres (45,308 sq meters), this redevelopment will benefit over 1,400 families, and is expected to unlock a saleable area of approximately 20.7 lakh sq feet, with an estimated gross development value (GDV) of ₹4,521 crore.
Boman Irani, chairman and managing director of the company said, "We are honoured to have received the LOA for the redevelopment of GTB Nagar in Sion; a project that carries the hopes of 1,200 society members and 200 slum residents."
Constructed in 1958 for post-independence migrants, the buildings were declared unsafe by the Brihanmumbai Municipal Corporation (BMC) in 2020 and were subsequently demolished. Following this, the affected residents had to seek alternative accommodation on their own.
The state cabinet, in its meeting held on 14 February 2024, approved the redevelopment proposal through the appointment of a Construction and Development Agency under Regulation 33(9) of the Development Control and Promotion Regulations (DCPR). A corresponding Government Resolution was issued on 23 February 2024, designating MHADA as the special planning authority for the execution of this project.
As per the proposal submitted by MHADA, a minimum floor space index (FSI) of 4.5 will be available including fungible area, ensuring each eligible family receives a free home measuring 635 sq. ft. Additionally, MHADA will receive 25,700 sq meters of built-up space as housing stock.
Sanjeev Jaiswal, vice president and CEO, MHADA said that this is the first redevelopment project being executed by MHADA on private land through an appointed construction and development agency. He termed it a historic and model redevelopment initiative.
A 5 to 7-member committee comprising society representatives will be constituted to oversee and review project updates.
Post-redevelopment, MHADA will provide five years of maintenance charges and monthly rent of ₹20,000 until completion.