Mumbai-based Keystone Realtors, which operates under the Rustomjee brand, has acquired 8,800 sq m of fungible floor space index (FSI) from Parth Construction for ₹143.45 crore to enhance the development potential of its redevelopment project in Versova, Andheri West, as per documents accessed by CRE Matrix.
The FSI has been transferred from Parth Construction's Slum Rehabilitation Authority (SRA) project in Village Majas, Jogeshwari East, and will be clubbed with Keystone's Versova project in accordance with the Development Control and Promotion Regulations (DCPR), 2034, the documents showed.
The transaction, registered on June 17, 2026, also includes 24 car parking spaces, with Keystone paying ₹8.61 crore in stamp duty, as per the Agreement to Purchase FSI, the documents showed.
Keystone had entered into a development agreement for the Versova redevelopment project in March 2025. By acquiring transferable FSI rather than purchasing additional land, the company has increased the project's permissible development potential.
Under Mumbai's development regulations, surplus or fungible FSI generated from eligible projects, particularly slum rehabilitation projects, can be transferred to other developments through a mechanism known as FSI transfer or clubbing.
“The transaction forms part of our ongoing development activities. As the project is at a pre-launch stage, we are not commenting on project-specific or commercial details at this time. We will share further information at the appropriate stage,” a statement by Rustomjee Group said.
Last month, Keystone Realtors Ltd reported a 19% decline in its consolidated net profit to ₹52.42 crore for the quarter ended March on higher operating expenses. Its net profit stood at ₹64.80 crore in the year-ago period. Total income more than doubled to ₹1,613.36 crore during the January-March quarter of this fiscal year from ₹642.20 crore in the corresponding period of the preceding year, according to a regulatory filing.
{{/usCountry}}Last month, Keystone Realtors Ltd reported a 19% decline in its consolidated net profit to ₹52.42 crore for the quarter ended March on higher operating expenses. Its net profit stood at ₹64.80 crore in the year-ago period. Total income more than doubled to ₹1,613.36 crore during the January-March quarter of this fiscal year from ₹642.20 crore in the corresponding period of the preceding year, according to a regulatory filing.
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Keystone Realtors is one of the leading real estate developers in the Mumbai Metropolitan Region (MMR), and it sells residential properties under the 'Rustomjee' brand. Incorporated in 1995, Keystone Realtors has 39 completed projects, 17 ongoing projects and 21 forthcoming projects. So far, the company has delivered over 29 million square feet of construction area, with a pipeline of over 46 million square feet in the works.
What is a Slum Rehabilitation Project?
The Slum Rehabilitation Project (SRA) in Mumbai is a government-led scheme that redevelops slum areas by providing free, legal housing to eligible slum dwellers. In exchange, developers gain the right to utilise the freed-up land for saleable projects, thereby balancing social welfare with real estate development incentives.
Under the SRA scheme, rehabilitated slum dwellers get a 1 BHK apartment of around 330 sq ft. During the construction of rehabilitation apartments, slums are demolished, and displaced slum dwellers are provided with interim rent.