Keystone Realtors Secures ₹7,700 Crore Redevelopment Projects in Mumbai
Keystone Realtors Ltd, a prominent real estate company, has secured three major redevelopment projects in Mumbai, totaling ₹7,700 crore. This significant achievement is set to boost the company's residential real estate business and further solidify its position in the market.
Real EstateRedevelopmentMumbaiKeystone RealtorsProjectsReal EstateAug 11, 2025
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.
Frequently Asked Questions
What are the total revenue potential of the three projects secured by Keystone Realtors in Mumbai?
The three projects secured by Keystone Realtors in Mumbai have a combined revenue potential of ₹7,700 crore.
How much did Keystone Realtors achieve in pre-sales in the April-June period of 2025-26?
Keystone Realtors achieved its highest-ever quarterly pre-sales of ₹1,068 crore in the April-June period of 2025-26.
What are the three major redevelopment projects secured by Keystone Realtors in Mumbai?
The three major redevelopment projects secured by Keystone Realtors in Mumbai are the GTB Nagar Cluster at Sion (₹4,521 crore), the Lokhandwala Cluster at Andheri (West) (₹2,956 crore), and a project at Goregaon (East) (₹251 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.
When was Keystone Realtors Ltd established, and what brand does it operate under?
Keystone Realtors Ltd was established in 1995 and operates under the Rustomjee brand.
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