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Keystone to redevelop Mumbai locality with Mhada, eyes GDV of Rs 4,521 cr
Keystone will work on the project in collaboration with the Maharashtra Housing and Area Development Authority (Mhada), which gave a letter of approval (LoA) to the company.
The redevelopment, spread across a plot area of 11.19 acres (45,308 square metres), will rehabilitate around 1,200 society members and unlock a saleable area of approximately 20.7 lakh square feet (sq ft) for Keystone.
Constructed in 1958 for post-Independence migrants, the buildings in GTB Nagar were declared unsafe by the Brihanmumbai Municipal Corporation in 2020 and subsequently demolished. Residents had to seek alternative accommodation on their own. In response to appeals by tenant societies, the state government approved the redevelopment of the site through Mhada, despite the land being privately owned.
The state cabinet, in a meeting held on February 14, 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. A corresponding government resolution was issued on 23 February 2024, designating Mhada as the special planning authority for the execution of this project.
Legal petitions related to this project had reached the Bombay High Court and the Supreme Court. 'The Supreme Court's landmark judgement in this case has paved the way for Mhada to undertake similar projects in the future,' Mhada said.
As per the proposal submitted by Mhada, a minimum floor space index (FSI) of 4.5 will be available, including fungible area. Each eligible family will receive a free home measuring 635 sq ft. Additionally, Mhada will receive 25,700 square metres of built-up space as housing stock.
Until the project is completed, Mhada will provide a monthly rent of Rs 20,000 to the eligible tenants. Post-redevelopment, the state-owned agency will provide five years of maintenance charges.
Boman Irani, chairman and managing director of Keystone Realtors, 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. With over 1,400 families involved, this is among the largest redevelopment initiatives the city has seen, and we are privileged to be entrusted with this responsibility.'
Recently, the Mumbai Building Repairs and Reconstruction Board, a unit of Mhada, issued a tender for the cluster redevelopment of Kamathipura in South Mumbai. Spread across 34 acres, it includes approximately 943 cess buildings in lanes 1 to 15, with around 6,625 residential and 1,376 non-residential tenants, totalling 8,001 occupants.
Meanwhile, mega redevelopment projects such as the Dharavi slum redevelopment (by Adani Group), the BDD Chawl project in Worli (by a consortium led by Tata Projects), the Bharat Nagar project in Bandra (by Omkar Realtors & Developers, Forum Homes, HDIL, and others), and the Motilal Nagar project in Goregaon (by Adani Group) are underway in Mumbai.
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