Keystone Realtors records best-ever Q1 pre-sales Rs 500 crore
Realty developer Keystone Realtors has recorded its best-ever first quarter performance with pre-sales of Rs 500 crore for the quarter ended June, up 106% from a year ago. During the quarter, the company added three new projects with a gross development value of Rs 2,500 crore to its portfolio in line with its asset light model.
It also launched two projects one each in Bandra suburb of Mumbai and Thane with gross development value worth Rs 890 crore. “We have further strengthened our strategy of executing through our asset light expansion model with the addition of 3 new projects in prime locations like Prabhadevi, Kandivali (W) and Pali Hill,” said Boman Irani, CMD, Keystone Realtors.
According to him, the Government of Maharashtra's infrastructure investments will transform the future of Mumbai Metropolitan Region (MMR), open many micro markets with major growth potential.The company is looking to expand into select new micro markets, ensuring a healthy growth trajectory in its project portfolio on a year-on-year basis, he added. The company has reported net profit of Rs 50 crore for the quarter on the back of revenues worth Rs 270 crore.
The developer sold 2.9 lakh sq ft area during the quarter, while collections stood at Rs 490 crore. The listed Keystone Realtors operates and undertakes real estate projects under the brand Rustomjee Group.
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