by THO
Mumbai-based listed real estate developer Keystone Developers, also known as Rustomjee Group, on August 5 reported an almost 45% fall in profit from ₹47 crore in Q1FY24 to ₹26 crore in the June quarter of FY25.
The company’s pre-sales grew by 22% to ₹611 crore in Q1FY25 from ₹502 crore in Q3FY24. The company’s total income went up to ₹437 crore in Q1FY25 from ₹282 crore in Q1FY24, the company said.
The total area sold in Q1FY25 went down to 0.24 million sq ft from 0.29 million sqft in Q1FY24.
Even though 42% of the pre-sales for Q1FY25 are from the two projects launched in June, “we have ensured that the collections for the quarter are not impacted,” the company said in a statement.
“With a promising pipeline of launches and our strategic foray into the plotted development in Kasara, we feel that we are at an inflection point to enter an era of high growth. We are poised for an exciting journey ahead, generating value for our stakeholders and enriching the urban living experience,” said Boman Irani, chairman and MD of Rustomjee Group.
The company launched two projects (180 Bayview in Matunga West & Ocean Vista in Versova) in Q1FY25 having saleable area of 0.63 million sq ft and estimated GDV of ₹2,017 crore.
The company said it received RERA registration for two towers of Urbania having an estimated GDV of Rs.1,700 crore and also Kasara Plotted Development Project spread across a total 1.5 mn sq ft.
In Q1FY25, the company completed the fundraise of ₹800 crore through QIP in May 2024.
Also Reead: Rustomjee Group plans to foray into data centers; launch plotted development projects near Mumbai
The company aims to focus on redevelopment of old buildings in Mumbai Metropolitan Region (MMR) and last month announced its foray into a plotted development project in Kasara near Igatpuri, a hill station around three hours’ drive from Mumbai.
Rustomjee Group plans to focus on micro markets such as Versova, Matunga West, Bandra East, and Chembur.
“We are exploring plotted developments, we are exploring data centers, just to name a few, to be able to kind of grow our positioning and serve across various segments in this micro or large market itself,” Irani had said.
Keystone Realtors has 34 completed projects, 15 ongoing projects and 27 forthcoming projects. So far, the company has delivered 25 million square feet of construction area and has a pipeline of 43 million square feet of projects under construction.
