Keystone Realtors has secured three major redevelopment projects in Mumbai worth over ₹7,700 crore, with a combined gross development value (GDV) exceeding the said amount. The projects include the ₹4,521 crore redevelopment of the GTB Nagar Cluster in Sion, the ₹2,956 crore redevelopment of the Lokhandwala Cluster in Andheri (West), and the ₹251 crore redevelopment project at Goregaon (East). These projects offer a total saleable area of approximately 3.25 million square feet.
The company’s strong quarterly performance reflects its leading position in the sector, with pre-sales reaching ₹1,068 crore during April-June 2025, a 75% increase compared to the same period last year. Keystone Realtors has launched three projects with a combined estimated GDV of nearly ₹4,000 crore, accounting for 57% of the company’s targeted project launches of ₹7,000 crore for the entire fiscal year.
Boman Irani, Chairman and Managing Director of Keystone Realtors, attributes the strong sales to market demand for its redevelopment projects. Despite robust sales and launch activity, the company reported a 44% decline in consolidated net profit to ₹14.51 crore for the quarter ended June 2025, largely due to lower income recognition.
Keystone Realtors plans to adopt the percentage of completion method for revenue recognition to provide a more accurate reflection of financial performance. The company is actively exploring additional land acquisitions across the Mumbai Metropolitan Region to fuel further growth.
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