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Mumbai-based developer Keystone Realtors, known for its "Rustomjee" brand, has reported a rise in sales bookings for the financial year 2023-24. This reflects the ongoing strength of housing demand in major cities like Mumbai.
Keystone Realtors recorded a 41% increase in sales bookings, reaching a total of INR 2,266 crore in the last fiscal year. This is a substantial jump compared to the previous year's figure of INR 1,604 crore.
The company also sold more property in terms of area. They sold 1.21 million square feet of space in 2023-24, representing a 17% increase from the previous year's 1.04 million square feet. This signifies a healthy demand for new residential units.
The positive trend extends throughout the year. Sales bookings in the final quarter (January-March 2024) witnessed an impressive 78% surge compared to the same period in 2023. This quarter saw bookings reach INR 843 crore, compared to INR 473 crore the previous year. Similarly, the area sold in this quarter increased by 36%, with 0.38 million square feet sold compared to 0.28 million square feet in the corresponding period of 2023.
Market analysts attribute this growth to several factors. Firstly, there's a continued preference for homeownership among Indian buyers, particularly in major cities like Mumbai where rental markets can be expensive and competitive. Secondly, a recent dip in interest rates has made home loans more affordable for some buyers. Finally, developers like Rustomjee, known for their focus on quality, timely project completion, and customer satisfaction, are attracting buyers looking for reliable brands.
Commenting on the company's performance, Boman Irani, CMD of Keystone Realtors, expressed optimism. He highlighted that "FY24 has proven to be an eventful period" with achievements across all key metrics, including pre-sales, collections, launches, and new project additions. He further stated that the company exceeded its guidance in most performance parameters, demonstrating strong execution and financial health.
With rising demand and a focus on customer needs, developers like Rustomjee are well-positioned to capitalise on this growth.
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