Keystone Realtors, the listed arm of real estate developer Rustomjee Group, plans to invest Rs 1,000 crore by the end of 2023-24 to launch projects with a combined saleable area of 2.5 million sq ft in the Mumbai Metropolitan Region (MMR).
The seven launches the company plans by the end of next fiscal in MMR will be mainly residential with minimal construction into retail or commercial. Of these, one project will be in the Dombivli and the rest are expected in Mumbai’s periphery.
According to the company, Rustomjee Group wants to leverage its position of being a dominant player in the MMR market and is not looking at launching projects outside the region for the next few years. The company will focus on planning and launching projects with an emphasis on connectivity via metro and other infrastructure projects.
The company’s prime area of interest in the days ahead is redevelopment projects, where developers and residents of apartment builders collaborated to rebuild or renovate ageing buildings. There are seven planned launches, two of them will be in the luxury segment where the price bracket will be Rs 10 crore plus, and the balance will be in two price brackets including Rs 1-3 crore in the mid segment and Rs 3-7 crore in the aspirational segment.
The company during its Q3 earnings call in February 2023 had said that it had made net repayment of Rs 416 crore of debt, including Rs 342 crore from the IPO proceeds. The gross secured debt as of December 2022 was Rs 517 crore and net debt Rs 100 crore. The company has completed 32 projects, has 12 ongoing projects and 21 planned ones.
