In one of the largest FSI purchase transactions in Mumbai’s slum redevelopment space this year, Keystone Realtors Limited has agreed to acquire 8,800.74 square metres of sale FSI from M/s Parth Construction for a total consideration of Rs 143,45,20,620 (Rs 1.63 lakh per sqm). The deal, formalised through a registered “Agreement to Purchase FSI” dated 17 June 2026, involves the transfer (clubbing) of this FSI from Parth’s ongoing SRA Composite Building at Village Majas, Jogeshwari (East), Andheri to Keystone’s project at CTS No. 1176 (Part), Survey No. 121/5, Village Versova, Andheri. The transaction also includes 24 car parking spaces.
The information has been provided by CRE Matrix – A Real Estate Data Analytics Firm.
Background of the SRA Scheme
The source property is a long-standing slum area in Village Majas, K/East Ward, Jogeshwari (East), Mumbai, declared a slum in 1985 under the Maharashtra Slum Areas Act. Parth Construction was appointed developer by Shiv Prema Co-operative Housing Society (Proposed) in 2005. After multiple revisions, the Slum Rehabilitation Authority (SRA) issued the latest Letter of Intent (LOI) and Intimation of Approval (IOA) in 2025-26 for a Composite Building comprising four wings (A, B, C & D).
The sanctioned scheme provides for rehabilitation of 470 eligible slum dwellers plus Project Affected Persons, along with social amenities (balwadis, welfare centres, health centres, library, community hall, society offices and temples). The Composite Building has 534 rehab premises and 700 sale premises. Parth has already vacated the slum dwellers and commenced construction.
What Keystone is Buying
Under the agreement, Parth is transferring 8,800.74 sqm of sale FSI generated from 176 units located in Wings B, C and D of the Composite Building. These units will be handed over to SRA as Permanent Transit Camp (PTC) accommodation. In return, the corresponding sale FSI will be clubbed and loaded onto Keystone’s Versova project under the provisions of DCPR Regulation 33(10) and 33(11) via a Revised LOI from SRA.
Keystone already holds development rights over its Andheri (Versova) plot through a separate Development Agreement and Power of Attorney executed with Westcoast Co-operative Housing Society Limited in March 2025. This additional FSI will significantly enhance the sale component of that project.
Consideration & Milestone-Linked Payment Structure
The total consideration of Rs 143.45 crore is payable in multiple tranches strictly linked to construction and approval milestones of Parth’s Composite Building:
- Rs 7.17 crore on execution & registration + Clubbing Letter
- Rs 7.17 crore on issuance of Revised LOI
- Rs 11.48 crore on obtaining vacant possession of the slum plot
- Rs 8.61 crore on plinth completion
- Multiple tranches of Rs 5.74 crore each on completion of 1st, 4th, 7th, 10th, 13th, 16th, 19th & 22nd floor slabs, terrace slab, OH tank & LMR, internal plaster/flooring/doors/windows, external plumbing/plaster/elevation/terrace waterproofing
- Rs 8.61 crore on completion of staircase, electrical, lifts, STP etc.
- Rs 4.30 crore each on Final CFO & STP NOC, road/nala setback handover, rehab/PAP allotment & handover, Occupation Certificate, and Consent to Operate from MPCB
- Final Rs 5.74 crore on handing over of PTC to SSP and required NOCs
Parth’s architect will certify each milestone, and Keystone has 15 days to verify and release payment. The agreement explicitly states that no other amounts are payable beyond this schedule.
Legal & Registration Process
The document was adjudicated under the Maharashtra Stamp Act. After a notice, Keystone voluntarily paid stamp duty of Rs 8,60,71,237 (Eight Crore Sixty Lakh Seventy-One Thousand Two Hundred Thirty-Seven). Registration fee of Rs 30,000 and document handling charges of Rs 4,400 were also paid. The agreement has been registered at the Joint Sub-Registrar, Mumbai.
The agreement contains standard protective clauses on Force Majeure, indemnities, dispute resolution (mediation first), and clearly demarcates that all benefits, incentives and future policy changes related to the transferred Sale FSI belong exclusively to Keystone.
Significance
This transaction allows Parth Construction to monetise a portion of its entitled sale FSI at an early stage while retaining the balance sale component and full responsibility for rehab construction and handover. For Keystone, it provides ready additional FSI that can be immediately loaded onto its Versova project, potentially improving viability and timelines.
Such large-scale FSI clubbing deals between established developers are becoming increasingly common in Mumbai’s SRA and redevelopment market as they help optimise FSI utilisation across projects and bring financial discipline through milestone-linked payments.
Squarefeat India will continue to track the progress of both the source SRA scheme and Keystone’s Versova project for updates on approvals, construction status and homebuyer implications.
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