Keystone Realtors Expands in Mumbai with ₹7,700 Crore Worth of New Projects
Keystone Realtors Ltd has secured three major redevelopment projects in Mumbai, adding a combined Gross Development Value (GDV) of ₹7,700 crore. The company also reported record pre-sales of ₹1,068 crore in the first quarter of FY26.
Keystone RealtorsMumbaiReal EstateRedevelopmentRustomjeeReal Estate MumbaiAug 11, 2025
In an interview with PTI, the company's CMD, Boman Irani, highlighted the company's strong performance in the first quarter of the fiscal year 2025-26. Keystone Realtors achieved the highest-ever quarterly pre-sales of ₹1,068 crore, marking a 75% increase from the same quarter in the previous year. The company also launched new projects worth ₹4,000 crore, contributing to its robust growth trajectory.
Irani emphasized that Keystone Realtors has already surpassed its target of adding projects worth ₹6,000 crore during the current fiscal year. The company is actively scouting for more land parcels across the MMR to further expand its residential real estate business under the Rustomjee brand.
Keystone Realtors has become a major player in the redevelopment of housing societies and cluster redevelopment projects. Notable among the recently acquired projects is a ₹4,521 crore redevelopment of the GTB Nagar Cluster at Sion in Mumbai. The company has also secured a ₹2,956 crore project for the redevelopment of the Lokhandwala Cluster at Andheri (West) and a ₹251 crore redevelopment project at Goregaon (East).
These three projects will add a total saleable area of 3.25 million (32.5 lakh) square feet to Keystone's portfolio. The company's focus on high-value redevelopment projects underscores its commitment to delivering quality housing solutions in Mumbai's prime locations.
In terms of fresh supply, Keystone Realtors launched three new projects in the June quarter, with an estimated GDV of nearly ₹4,000 crore. This represents 57% of the company's targeted launch of ₹7,000 crore for the current fiscal year. The company's strategic approach to project launches and land acquisitions is expected to drive sustained growth and enhance its market position.
On the financial front, Keystone Realtors reported a 44% decline in consolidated net profit to ₹14.51 crore for the quarter ended June, primarily due to lower income. In the same period last year, the net profit stood at ₹25.82 crore. The total income for the April-June period of this fiscal year fell to ₹288.64 crore, compared to ₹437.20 crore in the corresponding period of the previous year.
Irani explained that the decline in total income and profit was due to the project completion method, which does not allow the company to recognize revenue until a project is completed. For new projects, the company is shifting to the percentage of completion method for recognizing revenue, which will provide a more accurate reflection of its financial performance.
Incorporated in 1995, Keystone Realtors Ltd, which operates under the Rustomjee brand, is one of the leading real estate companies in the country. The company's focus on quality, innovation, and customer satisfaction has helped it establish a strong reputation in the market. With its recent acquisitions and strategic initiatives, Keystone Realtors is well-positioned to capitalize on the growing demand for housing in Mumbai and the surrounding regions.
Frequently Asked Questions
What is the total value of the new projects acquired by Keystone Realtors in Mumbai?
Keystone Realtors has acquired three new projects in Mumbai with a combined Gross Development Value (GDV) of ₹7,700 crore.
How much did Keystone Realtors' pre-sales increase in the first quarter of FY26?
Keystone Realtors achieved the highest-ever quarterly pre-sales of ₹1,068 crore in the first quarter of FY26, marking a 75% increase from the same quarter in the previous year.
What are the locations of the three major redevelopment projects acquired by Keystone Realtors?
The three major redevelopment projects are located at Sion (GTB Nagar Cluster), Andheri (West) (Lokhandwala Cluster), and Goregaon (East).
What is Keystone Realtors' strategy for recognizing revenue from new projects?
Keystone Realtors is shifting to the percentage of completion method for recognizing revenue from new projects, which will provide a more accurate reflection of its financial performance.
How long has Keystone Realtors been in operation?
Keystone Realtors Ltd, which operates under the Rustomjee brand, was incorporated in 1995 and has established itself as one of the leading real estate companies in the country.
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