Keystone Realtors Secures Massive Mumbai Redevelopment Projects

Keystone Realtors Ltd has secured three key redevelopment projects in Mumbai, with an impressive revenue potential exceeding Rs 7,700 crore, according to a senior company official. The firm is focusing on acquiring additional land parcels to expand its residential real estate ventures.

Company Chairman and Managing Director Boman Irani highlighted exceptional performance in the first fiscal quarter, achieving record quarterly pre-sales of Rs 1,068 crore, a 75% increase from last year. Irani stated that Keystone Realtors surpassed its project acquisition goals, adding projects with a gross development value estimated at Rs 7,727 crore.

Despite solid growth in project launches, Keystone Realtors reported a 44% decline in net profit attributed to the project completion method of revenue recognition. The company, which markets its projects under the Rustomjee brand, plans to shift to a percentage of completion method for a clearer financial outlook.

(With inputs from agencies.)