Keystone Realtors Boosts Residential Investment to Rs 800-900 Crore

Keystone Realtors, a leading real estate developer in the Mumbai Metropolitan Region, plans to invest Rs 800-900 crore in residential projects this fiscal. The company aims for a 32% growth in sales bookings, driven by strong demand in the housing market. CMD Boman Irani highlighted the company's robust financial position for growth.

Keystone Realtors, a prominent developer known for its Rustomjee brand, is set to ramp up investment in residential projects to Rs 800-900 crore this fiscal year. The move aligns with the company's strategy to enhance its execution capabilities.

In an exclusive interview with PTI, Chairman and Managing Director Boman Irani disclosed that the company secured Rs 800 crore from a Qualified Institutional Placement (QIP) and plans to utilize its internal cash flow. Irani, who also serves as president of CREDAI, confirmed that the housing market's demand remains robust, projecting a 32% sales booking growth to Rs 3,000 crore this fiscal.

Keystone Realtors' financial health is strong, boasting a surplus liquidity of Rs 3,000 crore for growth investments. Despite a 45% dip in net profit for the June quarter, the company's total income surged, and it launched two new projects with an estimated Gross Development Value (GDV) of Rs 2,017 crore.