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Keystone Realtors buys 3 Mumbai land parcels to build homes worth ₹7,700 cr
In an interview with PTI, the company's CMD Boman Irani highlighted that the company performed exceedingly well in the first quarter of this fiscal on key metrics like sales bookings, launches and new business development (acquisition of land parcels to build projects).
Mumbai-based Keystone Realtors achieved the highest-ever quarterly pre-sales of Rs 1,068 crore in April-June period of 2025-26 fiscal, a rise of 75 per cent from the same quarter last year.
On business development, he said, "We added 3 projects in the first quarter having an estimated GDV (gross development value) of Rs 7,727 crore," Irani said, adding that the company has already surpassed the target of adding projects worth Rs 6,000 crore during the current fiscal.
He said the company is looking at acquiring more land parcels across Mumbai Metropolitan Region (MMR) to build housing projects.
Irani said the company would consider revising its annual guidance after the second quarter of this fiscal.
Keystone Realtors has become a major player in redevelopment of housing societies and cluster redevelopment.
As per the latest investors presentation, the company has bagged a Rs 4,521 crore project for redevelopment of GTB Nagar Cluster at Sion in Mumbai. It secured a Rs 2,956 crore project for redevelopment of Lokhandwala Cluster at Andheri (West) and a Rs 251 crore redevelopment project at Goregaon (East).
In these three redevelopment projects, the company would get a total saleable area of 3.25 million (32.5 lakh) square feet.
Regarding fresh supply, Irani said the company launched three projects in the June quarter with an estimated GDV of nearly Rs 4,000 crore, which is 57 per cent of the targeted launch of Rs 7,000 crore for the current fiscal.
On the financial front, Keystone Realtors Ltd reported a 44 per cent decline in consolidated net profit to Rs 14.51 crore for the quarter ended June on lower income.
Its net profit stood at Rs 25.82 crore in the year-ago period.
Total income fell to Rs 288.64 crore in the April-June period of this fiscal, from Rs 437.20 crore in the corresponding period of the preceding year.
Irani said the company's total income and profit declined as it was not able to recognise revenue because of the project completion method.
For new projects, he said the company is shifting to the percentage of completion method for recognising the revenue as this would "reflect a true picture" of the company's financial performance.
Incorporated in 1995, Keystone Realtors Ltd, which sells under Rustomjee brand, is one of the leading real estate companies in the country.
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