NEW DELHI:
Keystone Realtors has successfully obtained the letter of acceptance (LOA) for redeveloping 25 buildings of Sindhi refugees at Guru Teg Bahadur Nagar (GTB Nagar) in Sion Koliwada, Mumbai, in collaboration with the Maharashtra Housing and Area Development Authority (MHADA).
The redevelopment spans approximately 11.19 acres (45,308 sq. meters) and aims to benefit over 1,400 families. This project is expected to generate a saleable area of about 20.7 lakh sq. feet, with a projected gross development value (GDV) of ₹4,521 crore.
Boman Irani, Chairman and Managing Director of Keystone Realtors, expressed, “We are honored to receive the LOA for the GTB Nagar redevelopment in Sion, a project that holds the aspirations of 1,200 society members and 200 slum residents.”
The buildings, constructed in 1958 for post-independence migrants, were deemed unsafe by the Brihanmumbai Municipal Corporation (BMC) in 2020 and subsequently demolished, forcing residents to find alternative housing on their own.
In a state cabinet meeting on February 14, 2024, the redevelopment proposal was approved, appointing a Construction and Development Agency under Regulation 33(9) of the Development Control and Promotion Regulations (DCPR). A Government Resolution issued on February 23, 2024, designated MHADA as the special planning authority for the project.
According to MHADA’s proposal, a minimum floor space index (FSI) of 4.5 will be allocated, including fungible area, ensuring that each eligible family will receive a complimentary home of 635 sq. ft. Additionally, MHADA will acquire 25,700 sq. meters of built-up space as housing stock.
Sanjeev Jaiswal, Vice President and CEO of MHADA, remarked that this is MHADA’s first redevelopment project on private land through an appointed construction and development agency, calling it a historic and exemplary initiative.
A committee of 5 to 7 members, consisting of society representatives, will be formed to oversee project updates.
Upon completion of the redevelopment, MHADA will provide five years of maintenance charges and a monthly rent of ₹20,000 until the project is finished.
