The shares of a real estate company, engaged in construction and development projects across India rose up to 9% after it received a Letter of Acceptance for the redevelopment of GTB Nagar in Mumbai, a project worth Rs 4,521 crore in partnership with MHADA.
With a market capitalization of Rs 8,166 Crores, the share price of Keystone Realtors Limited was trading almost 9% up to hit an intraday high of Rs 666.00 per share from its previous closing price of Rs 614.45 per share.
Keystone Realtors Ltd (Rustomjee Group) has received a Letter of Acceptance for the redevelopment of GTB Nagar in Sion, Mumbai, in partnership with MHADA. The project spans 11.19 acres and has a Gross Development Value (GDV) of around Rs 4,521 crore.
The redevelopment will benefit over 1,400 families and add approximately 20.7 lakh sq. ft. of saleable area. This project also strengthens the company’s presence in central Mumbai.
Mr. Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, said, “We are honoured to have received the LOA for the redevelopment of GTB Nagar in Sion; a project that carries the hopes of 1,200 society members and 200 slum residents. As a pioneer in Mumbai’s redevelopment space, Rustomjee has always believed that such projects are not just about infrastructure, but about impact.
In partnership with MHADA, we see this as much more than a redevelopment – it is about restoring faith, rebuilding homes and uplifting lives. With over 1,400 families involved, this is among the largest redevelopment initiatives the city has seen and we are privileged to be entrusted with this responsibility.
Our endeavour is to create spaces that go beyond infrastructure and spark a positive transformation in the way people live, grow and thrive. Together, we move forward – not just to rebuild homes, but to reshape futures.”
Keystone Realtors Limited, part of the Rustomjee Group, is a leading real estate developer in the Mumbai Metropolitan Region (MMR), with strong expertise in redevelopment projects.
Since its incorporation in 1995, the company has completed 37 projects, is executing 16 ongoing developments, and has 26 more in the pipeline, covering segments from affordable to super premium housing.
Keystone has delivered over 26 million sq. ft. of built-up area and has a development pipeline of 40+ million sq. ft. With 300+ completed buildings and over 17,000 families housed including 1,700 through redevelopment the company follows an asset-light model and integrated development approach to create long-term value.
The company reported a revenue of Rs 2,004 crore in FY25, down by 9.8 percent from its FY24 revenue of Rs 2,222 crore. Coming to its profitability, the company reported a net profit rise of 69.4 percent to Rs 188 crore in FY25 from Rs 111 crore in FY24. The stock delivered an ROE and ROCE of 7.53 percent and 9.33 percent, respectively.
Written By Rohan Pandey
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