Keystone Realtors Aims for 32% Growth in Housing Sales this Year
Keystone Realtors, a leading real estate developer in India, targets 32% growth in sale bookings this fiscal to Rs 3,000 crore, driven by strong housing demand.
Keystone RealtorsRustomjeeReal EstateHousing SalesMumbai Metropolitan RegionReal Estate MumbaiAug 19, 2024
In an interview with PTI, Irani, who is also the president of realtors' apex body CREDAI, noted that the demand in the housing market continues to be strong, encouraging the company to invest more in land acquisition and construction activities.
The company has a dry powder of around Rs 3,000 crore to make investments for growth. It raised Rs 800 crore from qualified institutional placement (QIP) plus its internal cash flow.
Already, the company has achieved pre-sales of Rs 611 crore in the first quarter of this fiscal, up 22% from Rs 502 crore in the year-ago period. During the entire 2023-24, the company sold properties worth Rs 2,266 crore.
On land acquisition, Irani said the company has given guidance of buying multiple land parcels that can generate Rs 4,000 crore worth of revenue. The pipeline of land deals is very strong.
For the redevelopment of housing societies in Mumbai region, Irani said his company is the most preferred developer.
Earlier this month, Keystone Realtors reported a 45% decline in its consolidated net profit at Rs 25.82 crore in the June 2024 quarter on higher expenses. The company had posted a net profit of Rs 46.97 crore for the year-ago period.
Total income increased to Rs 437.20 crore during the April-June period of this fiscal from Rs 282.82 crore in the corresponding period of the previous year. Total expenses, including construction spend, surged to Rs 398.16 crore from Rs 216.54 crore during the period under review.
In the June quarter, the company launched two new projects with an estimated GDV (gross development value) of Rs 2,017 crore as per its guidance of launching two projects per quarter.
Keystone Realtors has 34 completed projects, 15 ongoing projects, and 27 forthcoming projects. So far, the company has delivered 25-plus million square feet of construction area, with a pipeline of 43-plus million square feet of construction area in the works.
Keystone Realtors is a leading real estate developer in India, with a significant presence in the Mumbai Metropolitan Region (MMR). The company sells its properties under the Rustomjee brand.
Frequently Asked Questions
What is Keystone Realtors' target for sale bookings this fiscal?
Keystone Realtors has set a target of 32% growth in its sale bookings this fiscal to Rs 3,000 crore.
What is the company's dry powder for investments?
The company has a dry powder of around Rs 3,000 crore to make investments for growth.
What is the company's guidance for land acquisition?
The company has given guidance of buying multiple land parcels that can generate Rs 4,000 crore worth of revenue.
How many projects does Keystone Realtors have in its pipeline?
The company has 34 completed projects, 15 ongoing projects, and 27 forthcoming projects.
What is the company's total income for the April-June period of this fiscal?
Total income increased to Rs 437.20 crore during the April-June period of this fiscal from Rs 282.82 crore in the corresponding period of the previous year.
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