Keystone Realtors shares rally 10% on securing cluster redevelopment deal

Keystone Realtors shares rose 10 per cent after it secured a cluster redevelopment project in Andheri West with a GDV of ₹3,000 crore

Don't want to miss the best from Business Standard?

Shares of Keystone Realtors soared nearly 10 per cent on Wednesday after it landed a cluster redevelopment project in Andheri West, Mumbai, with a gross development value (GDV) of ₹3,000 crore. 

 

The real estate developer's stock rose as much as 9.95 per cent during the day to ₹697 per share, the steepest intraday gain since November 11 last year. The stock pared gains to trade 5.5 per cent higher at ₹668.7 apiece, compared to a 0.03 per cent advance in Nifty 50 as of 9:40 AM. 

 

Shares of the company extended gains to their ninth day, gaining over 25 per cent in the process. The counter has fallen 1.8 per cent this year, compared to an 8 per cent advance in the benchmark Nifty 50. Keystone Realtors has a total market capitalisation of ₹8,475.5 crore.  Track LIVE Stock Market Updates Here

Keystone Realtors bags Andheri West redevelopment projects 

The company was selected as the developer by eight housing societies for a cluster redevelopment project in Andheri West. Development Agreements have already been executed with five societies, while Letters of Intent (LOIs) have been received from the remaining three. 

 

This project spans a cumulative plot area of 4.75 acres (19,229 square metres) and covers 548 existing members. It is expected to unlock a saleable area of 10.6 lakh square feet, with a projected GDV of ₹3,000 crore.

 

With this addition, the company has further strengthened its project pipeline for the current financial year, continuing its momentum of adding strategically located high-potential redevelopment projects in key city clusters, the statement said. 

 

Further, on Tuesday, the company received the Letter of Acceptance (LoA) for the redevelopment of GTB Nagar in Sion, an urban project undertaken in collaboration with the Maharashtra Housing and Area Development Authority (MHADA). Spread across 11.19 acres (45,308 square metres), the project will benefit over 1,400 families and unlock a saleable area of approximately 20.7 lakh square feet, with an estimated GDV of ₹4,521 crore, according the the filing.  

Keystone Realtors FY25 financials

In financial year 225 (FY25), the company's pre-sales stood at ₹3,028 crore as compared to ₹2,266 crore in FY24, showing a growth of 34 per cent year-on-year (Y-o-Y) basis. In Q4, the pre-sales stood at ₹ 854 crore in Q4FY25 as compared to ₹843 crore in Q4FY24.

 

Collections for Q4FY25 stood at ₹746 crore as compared to ₹670 crore in Q4FY24, showing a quarterly growth of 11 per cent Y-o-Y basis. In FY25, collections stood at ₹2,326 crore as compared to ₹2,203 crore in FY24, showing a growth of 6 per cent Y-o-Y basis.

 

The company has a substantial portfolio of projects spanning the Mumbai Metropolitan Region (MMR), with 37 completed projects, 16 ongoing projects, and 26 forthcoming projects that cover all price points, from affordable to super premium.