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Keystone Realtors, a real estate developer operating under the brand Rustomjee Group, has acquired five new projects in Mumbai with a gross development value of over Rs 3,430 crore in the last two quarters. The projects, which are situated in Mumbai's Bandra, Mahim, Versova, and Chembur neighborhoods, are thought to have a 1.28 million square foot development potential.
One of the five projects is a collaborative development effort, while the other four include redeveloping society.
With a robust financial standing and remarkable operational achievements, the company asserts that it possesses the necessary resources to expand its presence and uphold its dominant position in the Mumbai region. The company's operational cash flow of Rs 460 crore in the fiscal year 2022-2023, combined with an inflow of Rs 730 crore from pre-IPO placements and the IPO, has significantly reduced its net debt from around Rs 520 crore to a mere Rs 19 crore.
The company launched four projects in Virar, Thane, Juhu, and Bandra during the fiscal year and sold 1.03 million square feet of space. It currently intends to start a project every three months in 2023–2024. The company reported its best-ever quarterly collections for the quarter that ended in March, at Rs 700 crore, an increase of 53% over the prior year. 2022–23 revenue increased 36% to Rs 1,860 crore. On the strength of revenues of Rs 340 crore, the company declared a net profit of Rs 70 crore for the quarter ending in March.
Through the initial close of its residential development fund in January, Mt. K Kapital, the company raised more than Rs 350 crore from key investors including State Bank of India (SBI), pharmaceutical giant Famy Care, the Rustomjee Group, family offices, and high-net-worth individuals (HNIs). The Rustomjee Group will serve as the fund's development partner, and it plans to invest in 8–10 redevelopment-focused projects in the Mumbai area.
Keystone Realtors' recent acquisitions and financial performance are positive developments for the Mumbai real estate market, as they indicate a growing demand for housing and a healthy investment climate in the region. The company's focus on society redevelopment projects also underscores the importance of sustainable development in the face of urbanization and the need for developers to play a responsible role in shaping the future of cities.
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