Keystone Realtors Secures ₹7,700 Crore Redevelopment Projects in Mumbai

New Delhi: Keystone Realtors Ltd has secured three major redevelopment projects in Mumbai, with a combined revenue potential of over ₹7,700 crore. This significant win is expected to bolster the company's residential real estate business, according to a top company official.

In an interview with PTI, the company's CMD, Boman Irani, highlighted that Keystone Realtors performed exceptionally well in the first quarter of the 2025-26 fiscal year. The company achieved its highest-ever quarterly pre-sales of ₹1,068 crore, marking a 75% increase from the same quarter last year.

On business development, Irani stated, “We added three projects in the first quarter, with an estimated Gross Development Value (GDV) of ₹7,727 crore.” He added that the company has already surpassed its target of adding projects worth ₹6,000 crore during the current fiscal year. Irani further mentioned that Keystone Realtors is actively looking to acquire more land parcels across the Mumbai Metropolitan Region (MMR) to develop new housing projects.

Keystone Realtors has established itself as 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 the company with a total saleable area of 3.25 million square feet.

Regarding fresh supply, Irani noted that the company launched three new projects in the June quarter, with an estimated GDV of nearly ₹4,000 crore. This represents 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 company's net profit stood at ₹25.82 crore in the year-ago period. 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 decline in total income and profit was due to the company's inability to recognize revenue due to the project completion method.

For new projects, the company is transitioning to the percentage of completion method for recognizing revenue, which Irani believes will provide a more accurate reflection of the company's financial performance. Keystone Realtors Ltd, established in 1995, operates under the Rustomjee brand and is one of the leading real estate companies in the country.