Keystone Realtors shares jump 10% as firm secures ₹3,000 crore redevelopment project

Keystone Realtors will be redeveloping eight housing societies in Mumbai, enabling the company to generate revenue of ₹3,000 crore from the saleable area.

Mumbai-based Keystone Realtors sells properties under the Rustomjee brand.

Last seen, shares of Keystone Realtors were trading at ₹656.80 apiece on the National Stock Exchange, rising 3.6%.

In a regulatory filing on Wednesday, Keystone Realtors informed that “it has been selected by eight housing societies as the developer for the large-scale cluster redevelopment project in the highly sought-after residential neighbourhood of Andheri West, Mumbai.”

The Development Agreement (DA) has already been executed with five societies, while LOIs have been received from the remaining three societies, with DA execution expected over the next few days.

"The project involves the redevelopment of a cluster of private housing societies located in the heart of Andheri's vibrant residential hub, with a cumulative plot area of approximately 4.75 acres, encompassing 548 existing members.

"The proposed redevelopment is expected to unlock a saleable area of approximately 10.6 lakh square feet and generate a Gross Development Value (GDV) of around ₹3,000 crore," the company said.

Keystone said this development aligns with its strategy to expand presence in prime suburban markets and build a well-diversified portfolio across micro-markets and ticket sizes.

Incorporated in 1995, Keystone Realtors is one of the leading real estate developers in the country. The company has completed 37 projects, and it is developing 16 projects.

So far, the company has delivered over 26 million square feet, with a pipeline of more than 40 million square feet in the works.

On Tuesday, Keystone Realtors Ltd also said it will redevelop an 11.19-acre project in Mumbai, and the company is expecting a sales revenue of over ₹4,500 crore from the free saleable area.

The company had informed that “it has received the Letter of Acceptance (LOA) for the redevelopment of GTB Nagar in Sion, one of Mumbai's most impactful urban transformation projects, being undertaken in collaboration with MHADA (Maharashtra Housing and Area Development Authority).”