Keystone Realtors buys Mumbai FSI rights for ₹143 crore expansion

Keystone Realtors Ltd, operating under the Rustomjee brand, has purchased development rights in Mumbai. The company acquired 8,800.74 square metres of Floor Space Index from Parth Construction for Rs 143.45 crore. The deal was officially registered on June 17, 2026. The acquired FSI comes from a slum rehabilitation project in Village Majas, Jogeshwari (East). Parth Construction is currently executing this composite SRA redevelopment there. The rights will now be transferred to Keystone Realtors’ residential project in Versova, Andheri West, specifically on JP Road.

Alongside the FSI, the agreement includes 24 car parking spaces. The transaction incurred a stamp duty of Rs 8.60 crore. Such FSI transfers are growing in Mumbai, as developers use surplus rights from rehabilitation projects to expand premium developments in land-scarce areas like Andheri West and Versova. The acquisition will boost Keystone Realtors’ ongoing project in Versova. It allows the developer to increase saleable area without purchasing new land. This approach is becoming a common strategy in Mumbai’s constrained property market.