Keystone Realtors Ltd announces foray into Plotted Development with First Project in Kasara

Keystone Realtors Limited, popularly known as Rustomjee, has announced its foray into Plotted Development with the acquisition of ~88-acre land parcel in Kasara. This lush green land, nestled amidst scenic beauty of mountains, marks the first significant step in expanding Rustomjee's portfolio to cater to the growing demand for second homes away from the metropolitan hustle.

The Kasara project would comprise of around 500 plots of different sizes, totaling approximately 1.5 million square feet. This project is set to redefine luxury living in tranquil surroundings. The total consideration for the land purchase is Rs. 91 crores, with Rs. 1 crore already paid and the remaining Rs. 90 crores to be paid in a staggered manner over the next 2 years. We have already applied for RERA registration and plan to launch the project in the current quarter, Q2FY25.

Plotted development is a strategic move for Rustomjee, driven by the increasing demand for second homes among individuals seeking a peaceful retreat from city life. This venture aligns perfectly with Rustomjee's business model, as plotted developments generally offer quicker cash flow cycles and enhance profitability and return ratios. This project in Kasara exemplifies the company's commitment to tap into high-demand segments, ensuring a steady and robust growth trajectory.

Mr. Boman Irani, Chairman and Managing Director of Keystone Realtors Limited, commented, "We are thrilled to announce our foray into Plotted Development with our first acquisition in Kasara. This move represents a significant milestone for Rustomjee, reflecting our strategic vision to diversify and grow our portfolio. Rustomjee is recognized for its proactive approach in identifying emerging market trends. In Plotted development, we foresee strong demand and traction. This segment lacks organized and branded developers, making it most attractive market to tap-in to meet the ever evolving needs of customers. The Kasara project is not only a testament to our commitment towards innovation and quality but also aligns with our goal of meeting the evolving needs of our customers. With a solid capital structure and strong liquidity, we are well-positioned to bring this project to fruition and continue our growth momentum. We look forward to deliver exceptional value to all our stakeholders and setting new benchmarks in the real estate industry."

Shares of Keystone Realtors Limited was last trading in BSE at Rs. 717.15 as compared to the previous close of Rs. 683.70. The total number of shares traded during the day was 5528 in over 387 trades.

The stock hit an intraday high of Rs. 731.05 and intraday low of 677.90. The net turnover during the day was Rs. 3937593.00.

Source : Equity Bulls

Keywords

KeystoneRealtors INE263M01029 Residential Commercial Rustomjee PlottedDevelopment FirstProject Kasara 88Acres