Keystone Realtors acquire land in Kasara, Thane; Rustomjee brand to foray into plotted development

Keystone Realtors, famously known as Rustomjee, will enter into plotted development by acquiring land in Kasara. The company reported that entering into plotted development is a strategic move for the company as there is a growing demand for second homes and peaceful retreats.

The company stated that the project would comprise 500 plots of different sizes amounting to approximately 1.5 million square feet. Out of the ₹91 crore payable, the company has already paid ₹1 crore. Additionally, the company has applied for Real Estate Regulatory Authority (RERA) registration and plans to launch the project in the second quarter of fiscal 2025.

Further, the company stated that the move aligns with Rustomjee’s business model as plotted developments offer quicker cash flow cycles along with improved profitability and return ratios. The Kasara project will allow the company to ensure a steady growth trajectory by tapping into high-demand segments.

Boman Irani, chairman and managing director of Keystone Realtors, said that the Kasara project marks the company’s foray into plotted development and will help diversify its portfolio. The company is well-positioned for this strategic move with a strong capital structure and liquidity to tap into this market segment.

“In plotted development, we foresee strong demand and traction. This segment lacks organized and branded developers, making it the most attractive market to tap-in to meet the ever evolving needs of customers.” He said.

Shares of the company have risen by nearly 12% since the beginning of the year. The stock has gained over 17% in the last one year.