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Mumbai-based real estate developer Keystone Realtors, operating under the Rustomjee Group brand, has unveiled ambitious plans for the coming years. The company, renowned for its focus on redevelopment projects, has announced a pipeline of 22 upcoming projects with a potential 37 million square feet of saleable area and a gross development value (GDV) of Rs 35,000 crore, according to its annual report for 2022-23.
Currently, Rustomjee Group has 13 ongoing projects, comprising 4.94 million square feet of saleable area. The upcoming projects, with a GDV of Rs 35,000 crore, are strategically aimed at the mid-mass and aspirational segments of the market within the Mumbai Metropolitan Region (MMR). The company is working towards achieving presales growth of 25 percent year-on-year over the next 3-5 years.
The company's strategy has been to focus on asset-light approaches, and 85 percent of the GDV additions are from mid-mass and aspirational segments. Rustomjee Group has already demonstrated its capabilities by rehousing over 1,400 families through redevelopment projects. In its annual report, the company highlighted its commitment to revitalizing Mumbai's urban landscape through redevelopment.
Regarding Q1FY24 results, the company reported strong performance with Rs 500 crore in pre-sales, representing a remarkable 106 percent YoY growth. The company's net debt also saw a reduction of Rs 70 crore during the quarter, resulting in zero debt on its books. However, its profit after tax for Q1FY24 stood at Rs 50 crore, down from Rs 70 crore in the first quarter of FY24. Collections for the same period reached Rs 490 crore, marking a 23 percent growth compared to Q1FY23.
Keystone Realtors, which went public in November 2022 following a Rs 635-crore IPO, remains focused on its commitment to redeveloping dilapidated buildings in the MMR, including chawls and slum revitalization. With a firm grasp on the residential real estate market, the company has indicated that 70 percent of its future supply will be in the Rs 1-7 crore segment, strategically positioning itself to serve the evolving needs of the market.
In light of the ongoing redevelopment focus, the Rustomjee Group continues to reshape Mumbai's urban landscape, providing sustainable solutions and improved living conditions for its residents while embracing a vision for future growth in the city.
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