The Maharashtra Housing and Area Development Authority (MHADA) has appointed Keystone Realtors.

Part of the Rustomjee Group, to redevelop 25 buildings in Sion Koliwada’s Guru Teg Bahadur Nagar, originally built in 1958 for Sindhi refugees. Spread across 11.20 acres, the project will yield 25,700 sq. m. of housing stock for MHADA with an FSI of 4.5, including fungible area. Over 1,200 displaced families will be rehabilitated with free 635 sq. ft. apartments. Until completion, MHADA will pay each family ₹20,000 monthly rent and cover five years of maintenance post-possession. The redevelopment, approved under Regulation 33(9) of the DCPR, marks MHADA’s first initiative involving redevelopment of private land through an appointed agency. Originally declared unsafe in 2020 and demolished by MCGM, the buildings’ reconstruction was greenlit by the state government in response to tenant appeals. MHADA will act as Special Planning Authority, ensuring smooth execution and timely delivery.