Mumbai-based listed real estate developer Keystone Realtors, also known as Rustomjee Group, has 20 projects in the pipeline with a potential 27.86 million sq.ft. of saleable area. The projects include commercial and residential segments in the Mumbai Metropolitan Region (MMR) and will come up over the next five to seven years.
The company plans to launch one project in every quarter of FY 24, it said in a regulatory filing to BSE.
From its pipeline of 20 projects, the company is projecting Gross Development Value (GDV) of Rs 35,103 crore.
According to an investor's presentation filed by Keystone on the BSE, six projects are in the mid- and mass segments, five in the so-called aspirational segment and four in the affordable category. Three projects are classified as super premium/premium and two are commercial projects.
“We are happy to announce that we acquired five new projects in FY23 of GDV of Rs 34.3 billion, in line with our capital light expansion strategy. With the recent few acquisitions, our company has entered new micro markets like Mahim, Chembur, Kalyan-Dombivli,” Boman Irani, Managing Director of Rustomjee Group, said.
Also read: Rustomjee Group plans invest Rs 1,000 crore by the end of the next fiscal in MMR: MD Boman Irani
“Strong Operational Cash Flow (OCF) of Rs 4.6 billion in FY23 and inflow of Rs 7.3 billion from pre-IPO/IPO, has helped reduce the net debt to Rs 0.19 billion as at FY23," he said.
He added, "Additionally, the commitment of Rs 3.5 billion received towards recently launched AIF (Alternative Investment Fund) has further strengthened the company’s financial position and provided growth capital to expand and bolster our dominant position in the Mumbai Metropolitan Region (MMR) region."
The company on May 22 reported an 82 percent increase in consolidated net profit at Rs 76.59 crore for March quarter. Its net profit was Rs 42.03 crore in the year-ago period.
In an interview to Moneycontrol earlier, Irani had said that Rustomjee Group planned 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 MMR.
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