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keystone realtors: Keystone Realtors adds 5 projects with Rs 3,430 crore development value to portfolio

Realty developer Keystone Realtors has added five new projects with gross development value of over Rs 3,430 crore in the last two quarters in the country’s largest property market of Mumbai.

These projects are estimated to have development potential of 1.28 million sq ft and are located in Mumbai’s Bandra, Mahim, Versova and Chembur localities. Of these, four projects entail society redevelopment and one joint development project.

The recently listed Keystone Realtors operates and undertakes real estate projects under the brand Rustomjee Group.

“We have acquired five new projects with a gross development value of over Rs 3,430 crore, in line with our capital light expansion strategy. With the recent few acquisitions, we have entered into new micro markets like Mahim, Chembur, and Kalyan-Dombivli,” Boman Irani, CMD, Keystone Realtors.

According to him, the company’s operational performance and financial strength have provided the capital to expand and bolster its leading position in the Mumbai region.

In an earlier interaction in November, Irani had told ET that the company’s development portfolio then included around 11% work related to redevelopment projects and it was looking to increase this proportion.

The company’s operational cash flow of Rs 460 crore in 2022-23 along with inflow of Rs 730 crore from its pre-IPO placement and the IPO has helped the company reduce the net debt to Rs 19 crore from around Rs 520 crore.For the quarter ended March, the company recorded its best-ever quarterly collections of Rs 700 crore, up 53% from a year ago. Collections for the financial year 2022-23 grew 36% to Rs 1,860 crore. It has reported net profit of Rs 70 crore for the March quarter on the back of revenues worth Rs 340 crore.

The company launched four projects in Virar, Thane, Juhu and Bandra during the financial year and sold 1.03 million sq ft area. It is planning to launch a project every quarter in 2023-24.

In January, the Rustomjee Group-backed real estate focused fund management company Mt. K. Kapital raised over Rs 350 crore through the initial close of its residential development fund from anchor investors like the State Bank of India (SBI), pharmaceutical major Famy Care, the Rustomjee Group, family offices, and high-net-worth individuals (HNIs).

The fund aims to invest in 8–10 projects in the Mumbai region, with a focus on redevelopment, with the Rustomjee Group as its development partner. Mt. K Resi Development Fund, a category II alternative investment fund (AIF) registered with the Securities & Exchange Board of India (SEBI), will invest in real estate projects across the spectrum.

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