Keystone Realtors bags re-development project in Mumbai; share price rises 2%

The project, which is expected to be launched in next calendar year, is a redevelopment that is expected to lead to a sale potential of ~3,42,000 sq. ft. of RERA carpet area with an expected Gross Development Value (GDV) of ~ Rs 1,200 crore.

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Keystone Realtors share price added 2 percent in early trade on January 23 after the company bagged a re-development project in Malad, Mumbai.

At 09:24 hrs Keystone Realtors was quoting at Rs 714.40, up Rs 13.95, or 1.99 percent, on the BSE.

“….. has been selected as the developer of choice to redevelop the plot and premises of Veena Nagar Co-operative Housing Society Limited & NeelKamal Ghruh Cooperative Housing Society Limited on a combined land admeasuring ~12,120 square meters in Malad (W), Mumbai, Maharashtra,” company said in its exchange notice.

This redevelopment will lead to a sale potential of ~3,42,000 sq. ft. of RERA carpet area with an expected Gross Development Value (GDV) of ~ Rs 1,200 crore, the company added.

The project is expected to be launched in the next calendar year, 2025.

With these additions, Rustomjee has already added 8 new projects in the current financial year with the total GDV of ~ Rs 7,000 crore, the company said.

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On January 18, Ajmera Luxe Realty Private Limited (ALRPL), a joint venture between Ajmera Realty & Infra India Limited (ARIIL) and Keystone Realtors Limited (Rustomjee Group), announced a redevelopment project in Bandra West aiming Rs 760 crore of gross development value (GDV).

Both companies will hold a 50 percent stake in the project and the project is aimed at delivery of premium luxury residential apartments with an estimated carpet area of approximately 1,30,000 sqft for sale.

On January 17, Keystone Realtors entered into a share purchase agreement with ARIIL to purchase/ acquire 50 percent equity holding i.e., 5,000 fully paid up equity shares of ALRPL.

Keystone Realtors had sold properties worth Rs 1,423 crore during the April-December period this fiscal, registering a 26 percent growth.

Currently, the stock is trading 2.79 percent below its 52-week high and 71.55 percent above its 52-week low.

The share price jumped 61 percent in the 9 months.