Keystone Realtors Bags Rs 77.27 Bn Mumbai Redevelopment Deals

12 Aug 2025 CW Team

Keystone Realtors (Rustomjee) has acquired three major redevelopment projects across Mumbai in Q1 FY26, with a combined gross development value (GDV) of Rs 77.27 billion, surpassing its annual target of Rs 60 billion worth of new projects.

The new projects include:

GTB Nagar Cluster Redevelopment, Sion – GDV Rs 45.21 billion
Lokhandwala Cluster Redevelopment, Andheri (West) – GDV Rs 29.56 billion
Redevelopment at Goregaon (East) – GDV Rs 2.51 billion

Together, these will deliver 3.25 million sq ft of saleable area.

“We have already exceeded our business development goals for the year and will continue to explore land acquisition opportunities across the Mumbai Metropolitan Region,” said Boman Irani, CMD, Keystone Realtors. He added that the company may revise its annual guidance after Q2.

In Q1, Keystone achieved its highest-ever quarterly pre-sales of Rs 10.68 billion, up 75 per cent Y-o-Y. The company launched three new projects with an estimated GDV of nearly Rs 40 billion, representing 57 per cent of its full-year launch target.

Financially, Keystone reported a 44 per cent decline in consolidated net profit to Rs 140.51 million on total income of Rs 2.88 billion, impacted by the project completion method of revenue recognition. The company plans to shift to the percentage of completion method to better reflect ongoing performance.

Founded in 1995, Keystone Realtors is a leading player in housing society and cluster redevelopment, delivering projects under its flagship Rustomjee brand.

News source: Outlook Business

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