Keystone Realtors gains ~7% on ₹4,522 Crore order with MHADA

1 Jul 2025 , 03:22 PM

Keystone Realtors Ltd. announced that it has received the Letter of Acceptance (LoA) for a redevelopment project worth over ₹4,522 Crore. On Tuesday, July 1, the company’s shares gained as much as 7% following this announcement.

At around 3.12 PM, Keystone Realtors was trading 4.01% higher at ₹637, against the previous close of ₹612.45 on NSE. The counter touched an intraday high and low of ₹667.54, and ₹610.05, respectively.

Keystone Realtors informed in its filing the bourses that the stated LoA is for the redevelopment of GTB Nagar, in Mumbai’s Sion suburb. As per the company, it is one of Mumbai’s most impactful urban transformation projects. The realtor said that it will undertake the project  in collaboration with the Maharashtra Housing and Area Development Authority.

The company highlighted that the plot area is about 11.19 acres. With this project, over 1,400 families could unlock a saleable area of nearly 20.7 lakh square feet. The project has a Gross Development Value of ₹4,521 Crore.

Boman Irani, the Chairman and Managing Director of Keystone Realtors said that he sticks to the financial year 2026 launch guidance of ₹7,000 Crore. 

Irani also commented that competition in Mumbai is getting intense in the redevelopment space. About 20-22 companies bid for redevelopment projects on an average.

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