Rustomjee joins hands with Raj Doshi Exports for development project in Mahim

Keystone Realtors said that it has executed joint development agreement with Raj Doshi Exports to develop a parcel of land admeasuring about 6,067.96 square meters situated at Mahim, Mumbai, Maharashtra.

The development being undertaken will lead to sale potential of approximately 2,85,000 sq. ft of RERA carpet area. This new development marks the group's entry into Mahim after successfully developing many gated communities and townships across various locations in the Mumbai Metropolitan Region. The project is expected to be launched in CY 2023, the company added.

Boman Irani, chairman and managing director , Keystone Realtors, said, "This development is a part of our strategy to focus on fast growing aspirational segment of Real Estate market.

Mahim has great connectivity and accessibility. This agreement aligns with our expansion strategy and helps us enter one of the growing micro markets in the city."

Keystone Realtors is one of the prominent real estate developers in Mumbai Metropolitan Region (MMR). As of 30 June 2022, the company had developed 20.22 million square feet (msf) area including infrastructure spread across 32 projects or 280 building and home to over 14,000 families. The company has 12 ongoing projects and 21 forthcoming projects across the MMR which includes a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super premium categories, all under the Rustomjee brand.

The company reported a net profit of Rs 4.97 crore and net sales of Rs 168.56 crore in three months ended on 30 June 2022.

The scrip made its debut on the bourses on 24 November 2022. It was listed at a price of Rs 555, at a premium of 2.59% as compared to the issue price of Rs 541.

On its listing day, it advanced 0.50% to end at Rs 557.80 on the BSE.

Since then, it has declined lost 8.06% to close at Rs 512.85 on Friday.

Powered by Capital Market - Live News