Keystone Realtors Secures 3 Major Land Parcels in Mumbai for ₹7,700 Cr Real Estate Projects
Keystone Realtors Ltd, a leading real estate developer, has secured three major redevelopment projects in Mumbai with a combined gross development value (GDV) of ₹7,727 crore. The company also achieved record pre-sales of ₹1,068 crore in Q1 FY26, marking a significant 75% year-over-year increase.
Real EstateRedevelopmentMumbaiKeystone RealtorsRustomjeeReal EstateAug 11, 2025
In an interview with PTI, Boman Irani, the CMD of Keystone Realtors, highlighted the company's strong performance in the first quarter of this fiscal year. The company achieved the highest-ever quarterly pre-sales of ₹1,068 crore in the April-June period, representing a 75% increase from the same quarter last year.
Irani stated, “We added three projects in the first quarter with an estimated GDV of ₹7,727 crore, surpassing our target of adding projects worth ₹6,000 crore during the current fiscal year.” The company is currently exploring more land acquisition opportunities across the MMR to build additional housing projects.
Keystone Realtors has become a significant player in the redevelopment of housing societies and cluster redevelopment. According to the latest investor presentation, the company has secured a ₹4,521 crore project for the redevelopment of the GTB Nagar Cluster at Sion in Mumbai. Additionally, it has 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 provide a total saleable area of 3.25 million (32.5 lakh) square feet.
Regarding fresh supply, Irani mentioned that the company launched three projects in the June quarter with an estimated GDV of nearly ₹4,000 crore, which is 57% of the targeted launch of ₹7,000 crore for the current fiscal year.
On the financial front, Keystone Realtors Ltd reported a 44% decline in consolidated net profit to ₹14.51 crore for the quarter ended June, primarily due to lower income. The net profit stood at ₹25.82 crore in the same period last year. Total income fell to ₹288.64 crore in the April-June period of this fiscal year, down from ₹437.20 crore in the corresponding period of the previous year.
Irani explained that the company's total income and profit declined because it was unable to recognize revenue due to the project completion method. For new projects, the company is shifting to the percentage of completion method for revenue recognition, which will provide a more accurate reflection of the company's financial performance.
Incorporated in 1995, Keystone Realtors Ltd, which sells under the Rustomjee brand, is one of the leading real estate companies in the country. The company is known for its focus on high-quality residential projects and its commitment to sustainable development.
Frequently Asked Questions
What is the total GDV of the three new projects secured by Keystone Realtors?
The total GDV of the three new projects secured by Keystone Realtors is ₹7,727 crore.
How much did Keystone Realtors achieve in pre-sales in Q1 FY26?
Keystone Realtors achieved record pre-sales of ₹1,068 crore in Q1 FY26.
What is Keystone Realtors' target for project acquisitions in the current fiscal year?
Keystone Realtors' target for project acquisitions in the current fiscal year is ₹6,000 crore.
What method is Keystone Realtors shifting to for recognizing revenue in new projects?
Keystone Realtors is shifting to the percentage of completion method for recognizing revenue in new projects.
How many square feet of saleable area will the three new projects provide?
The three new projects will provide a total saleable area of 3.25 million (32.5 lakh) square feet.
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