Rustomjee's subsidiary Keystone has four projects under construction in Mumbai

Keystone Realtors, headquartered in Mumbai and renowned for its Rustomjee brand, is currently managing four projects at different stages of development in the city.

Boman Rustom Irani, CMD of Keystone Realtors, mentioned in an interview with CNBC-TV18 that the Thane and Mumbai markets are performing strongly. The company is expected to surpass its FY25 pre-sales target of Rs.3,000 crore.

Irani also highlighted that the company's four ongoing projects in Mumbai are all centered around luxury or premium housing in Bandra West.

The company has introduced a luxury residential project called Verdant Vistas in Thane, near Mumbai, in collaboration with Singapore-based Keppel. The project is anticipated to comprise 440 units and achieve a gross development value (GDV) of Rs.1,750 crore.

This venture represents Rustomjee's debut luxury project in Thane, featuring 3BHK units ranging from 1,100 to 1,300 square feet and 4BHK units between 1,750 and 2,250 square feet.

Irani noted that the Thane Verdant Vistas project is priced at a 10% premium over the market rate, with rates set between Rs.18,000 and Rs.20,000 per square foot. The project's gross development value is Rs.1,750 crore. He also mentioned that 15% of the units were sold in the first week of its launch.

Keystone Realtors raised ₹800 crore through a qualified institutional placement (QIP), maintaining a debt-equity ratio of 1:1 and a net debt of zero. The company has surpassed its target of two project launches per quarter, having launched three in Q1FY25 with more planned.

Keystone Realtors has a market capitalization of approximately Rs.9,645.44 crore, with its shares rising nearly 33% over the past year.