Overview
- The development and construction agreements were signed on March 5 at MHADA headquarters by MHADA, Keymidtown Developers (a Rustomjee unit) and GTB Nagar housing societies, with officials including Sanjeev Jaiswal and Boman Irani present.
- The project spans about 11.54 acres and will rehabilitate roughly 1,200 resident members, unlocking an estimated 20.7 lakh sq ft of saleable area.
- Plans call for three residential towers of 39–48 storeys under DCR 33(9) with a minimum FSI of 4.5, developed as a gated community with multi-level basement and podium parking.
- Each eligible beneficiary is slated to receive a free 635 sq ft home, monthly rent compensation of ₹20,000 begins after the Commencement Certificate is issued, and MHADA will manage the buildings for five years post-completion.
- Keystone Realtors pegs the project’s gross development value at about ₹4,521 crore and says construction will use aluminium formwork with modern safety and services, while on-site work awaits statutory approvals.