Find articles, news, topics and more...
Mumbai-based Keystone Realtors, operating under the Rustomjee brand, has purchased 8,800 sq m of fungible FSI from Parth Construction for ₹143.45 crore to boost the development potential of its Versova redevelopment project.
Keystone Realtors, which operates under the Rustomjee brand, has acquired development rights worth ₹143.45 crore to expand its upcoming redevelopment project in Versova, Andheri West, Mumbai. The move is aimed at increasing the construction potential of the project without purchasing additional land.
The company has bought 8,800 sq m of fungible Floor Space Index (FSI) from Parth Construction, as per property documents accessed through CRE Matrix. The transaction was officially registered on June 17, 2026.
Instead of acquiring fresh land, Keystone Realtors has strengthened its Versova redevelopment project by adding transferable development rights.
The FSI has been transferred from Parth Construction’s Slum Rehabilitation Authority (SRA) project located in Majas, Jogeshwari East. Under Mumbai’s DCPR 2034 regulations, such transferable FSI can be combined with another eligible project to increase overall development capacity.
The deal also includes 24 car parking spaces, while the company paid approximately ₹8.61 crore as stamp duty.
Keystone Realtors had entered into a redevelopment agreement for the Versova project in March 2025. With this latest transaction, the company has increased the project’s scale without acquiring any additional land parcel.
In Mumbai’s real estate system, developers often use transferable FSI generated from SRA or other approved schemes to enhance construction potential in redevelopment projects. This method helps optimise land use in dense urban locations like Andheri West.
The Rustomjee Group said the transaction is part of its ongoing development activity. However, it added that the Versova project is still at a pre-launch stage, so commercial and project-specific details are not being shared at this time.
More information is expected closer to the official launch.
Keystone Realtors recently reported a 19% fall in consolidated net profit to ₹52.42 crore for the quarter ended March 2026, compared to ₹64.80 crore in the same period last year.
Despite the decline in profit, the company’s total income more than doubled to ₹1,613.36 crore, driven by higher construction and business activity during the quarter.
Founded in 1995, Keystone Realtors is a leading real estate developer in the Mumbai Metropolitan Region (MMR) and markets its projects under the Rustomjee brand.
The company has so far:
In total, it has delivered more than 29 million sq ft of real estate and has a future development pipeline of over 46 million sq ft.
A Slum Rehabilitation Authority (SRA) project is a government-led redevelopment initiative in Mumbai aimed at improving living conditions for slum residents.
Under this scheme, eligible families receive a free 1 BHK home of around 330 sq ft after redevelopment. During construction, they are provided with temporary rental accommodation.
In return, developers receive incentives such as additional development rights, which can be transferred or used in other projects under Mumbai’s planning regulations. This helps support both urban redevelopment and new housing supply in the city.
