en.Wedoany.com Reported - Keystone Realtors (operating under the Rustomjee brand) has acquired 8,800 square meters of Transferable Floor Space Index (FSI) from Parth Construction for Rs 1.4345 billion, to enhance the development potential of its redevelopment project in Versova, Andheri West, Mumbai. The transaction was registered on June 17, 2026, and documents indicate that the acquired FSI was transferred from Parth Construction's Slum Rehabilitation Authority (SRA) project in Majas village, Jogeshwari East, and will be merged with Keystone's Versova project in accordance with the Development Control and Promotion Regulations (DCPR) 2034.
Transaction documents show that the agreement also includes 24 parking spaces, with Keystone paying Rs 86.1 million in stamp duty. Keystone signed a development agreement for the Versova redevelopment project in March 2025, and this acquisition of transferable FSI, rather than additional land, increases the project's permissible development potential. Under Mumbai's development regulations, surplus or transferable FSI generated from eligible projects, particularly slum redevelopment projects, can be used for other developments through FSI transfer or merger mechanisms.
The Rustomjee Group stated in a statement that this transaction is part of its ongoing development activities. As the project is in the pre-launch phase, the company refrains from commenting on specific project or commercial details and will share more information at an appropriate stage. Last month, Keystone Realtors Ltd reported that its consolidated net profit fell 19% to Rs 524.2 million for the quarter ending March, compared to Rs 648 million in the same period last year, due to increased operating expenses; total revenue for the January-March quarter of this fiscal year doubled to Rs 16.1336 billion from Rs 6.422 billion in the same period last year.
Keystone Realtors is one of the leading real estate developers in the Mumbai Metropolitan Region (MMR), marketing residential properties under the "Rustomjee" brand. Founded in 1995, the company has completed 39 projects, has 17 under construction, and another 21 upcoming. It has delivered over 29 million square feet of built-up area to date, with over 46 million square feet under construction.
Mumbai's Slum Rehabilitation Authority (SRA) is a government-led initiative that redevelops slum areas by providing free, legal housing to eligible slum dwellers. In exchange, developers receive rights to use the vacated land for marketable projects, balancing social welfare with real estate development incentives. Under the SRA plan, rehabilitated slum dwellers receive approximately 330 square feet one-bedroom apartments, with slums demolished and temporary rent provided to displaced residents during the construction period.
