Shares of Keystone Realtors Ltd, part of the Mumbai-based Rustomjee Group, skyrocketed 9% on 1 July after the company announced obtaining a Letter of Acceptance (LoA) for a redevelopment project valued over Rs 4,000 crore.

In an exchange filing, Keystone Realtors stated that the LoA is for the renovation of GTB Nagar in Mumbai’s Sion area. Keystone described it as one of Mumbai’s most significant urban transformation projects, and stated that it will be carried out in conjunction with the Maharashtra Housing and Area Development Authority.

Over 1,400 families are expected to profit from the 11.19-acre site, which has a saleable area of nearly 20.7 lakh square feet and a Gross Development Value of Rs 4,521 crore.

Boman Irani, the Chairman and Managing Director of Keystone Realtors said, “As a pioneer in Mumbai’s redevelopment space, Rustomjee has always believed that such projects are not just about infrastructure, but about impact.”

Irani stated that demand remained very robust, with mid-market and aspirational being the fastest growing segments in Mumbai.

Irani plans to launch at Rs 7,000 crore in fiscal year 2026 and may even exceed this figure. Speaking of redevelopment, Irani stated that competition in Mumbai is increasing, with 20-22 companies bidding on redevelopment projects on average.

At 2:36 pm, the shares of Keystone Realtors were trading 3.74% higher at Rs 635.35 on NSE.

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