Keystone Cracks Mumbai Mega-Deal, Stock Soars

23 Jan 2024 , 10:25 AM

Early on January 23, Keystone Realtors’ stock price increased by 2% as a result of the company securing a redevelopment project in Malad, Mumbai.

Keystone Realtors was trading on the BSE at Rs 704.40 at 10:24, up Rs 2.95, or 0.4%.

‘….. has been selected as the developer of choice to redevelop the plot and premises of Veena Nagar Co-operative Housing Society Limited & NeelKamal Ghruh Cooperative Housing Society Limited on a combined land admeasuring ~12,120 square metres in Malad (W), Mumbai, Maharashtra,’ the business stated in its exchange notice.

The company stated that this rehabilitation will result in the sale potential of about 3,42,000 square feet of RERA carpet area, with an estimated Gross Development Value (GDV) of around Rs 1,200 crore.

It is anticipated that the project will begin in 2025, the following calendar year.

Rustomjee stated that with these additions, the company has now added 8 new projects with a total GDV of around Rs 7,000 crore in the current financial year.

A joint venture between Ajmera Realty & Infra India Limited (ARIIL) and Keystone Realtors Limited (Rustomjee Group), Ajmera Luxe Realty Private Limited (ALRPL) announced on January 18 that it was embarking on a rehabilitation project in Bandra West with a gross development value (GDV) target of Rs 760 crore.

The project aims to produce top luxury residential flats with an estimated carpet area of approximately 1,30,000 sqft for sale. Both firms will maintain a 50% share in the project.

Keystone Realtors and ARIIL signed a share purchase agreement on January 17 in order for Keystone to buy 5,000 fully paid equity shares of ALRPL, or a 50% ownership interest.

Between April and December of current fiscal year, Keystone Realtors sold properties for a total of Rs 1,423 crore, a 26 percent increase.

The stock is currently trading 71.55% above its 52-week low and 2.79% below its 52-week high.

Throughout the nine months, the share price increased by 61%.

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