Keystone Realtors, a realty developer, has recently expanded its portfolio in the prominent Mumbai property market by introducing five new projects. These projects collectively possess a gross development value exceeding Rs 3,430 crore. Spanning across Mumbai’s esteemed localities such as Bandra, Mahim, Versova, and Chembur, these projects are estimated to encompass a total development potential of 1.28 million square feet. Among them, four projects involve redevelopment of existing buildings, while one project is a joint development endeavor.
Keystone Realtors, part of the Rustomjee Group, expressed satisfaction with the recent acquisitions aligning with their capital-light expansion strategy. The CMD of Keystone Realtors, Boman Irani, emphasized the company’s entrance into new micro markets such as Mahim, Chembur, and Kalyan-Dombivli due to these acquisitions.
In terms of financials, Keystone Realtors experienced operational cash flow of Rs 460 crore in the fiscal year 2022-23. Additionally, it obtained an inflow of Rs 730 crore from its pre-IPO placement and subsequent IPO, contributing to a reduction in net debt from approximately Rs 520 crore to Rs 19 crore. The company achieved its highest-ever quarterly collections of Rs 700 crore for the quarter ending in March, signifying a notable 53% increase compared to the previous year. Furthermore, the collections for the entire fiscal year 2022-23 witnessed growth of 36% to reach Rs 1,860 crore. The company reported a net profit of Rs 70 crore for the March quarter, supported by revenues amounting to Rs 340 crore. During the financial year, Keystone Realtors launched four projects in Virar, Thane, Juhu, and Bandra, successfully selling an area of 1.03 million square feet.
Looking ahead, the company has strategic plans to launch a new project every quarter throughout the fiscal year 2023-24. In January, Mt. K Kapital, a real estate-focused fund management company backed by the Rustomjee Group, managed to raise over Rs 350 crore through the initial close of its residential development fund. This fund attracted anchor investors such as State Bank of India (SBI), Famy Care (a pharmaceutical major), Rustomjee Group, family offices, and high-net-worth individuals (HNIs). The primary focus of the fund is to invest in 8-10 projects in the Mumbai region, primarily targeting redevelopment opportunities in collaboration with the Rustomjee Group. Mt K Resi Development Fund, categorized as a II alternative investment fund (AIF) and registered with the Securities & Exchange Board of India (SEBI), will allocate its investments across various real estate projects.
As per the latest information from Projects Today, Keystone Realtors is presently engaged in the execution of 11 projects in Maharashtra, with an investment commitment of approximately Rs 11,000 crore. Moreover, the company has successfully completed around 20 projects within the state.