Keystone Realtors Ltd Share Price – NSE  /  BSE

Realty, Small Cap

The consideration would be payable in a staggered manner up to February 2026 from the date of execution of the deed of conveyance.

This acquisition marks the foray of Rustomjee brand into the plotted development. 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,” the company said in a statement.

The company further informed that the Kasara project would comprise of around 500 plots of different sizes, totaling approximately 1.5 million square feet.

The company stated that it has applied for RERA registration and plans to launch the project in the current quarter, Q2 FY25.

Boman Irani, chairman and managing director of Keystone Realtors, said: “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.”

Keystone Realtors is a flagship entity of the Rustomjee Group. KRL and its subsidiaries undertake residential and mixed-use projects in Mumbai Metropolitan Region (MMR) under the Rustomjee brand. The Rustomjee Group has a strong execution track record, which includes development of luxury residential real estate, affordable housing, shopping mall, schools and commercial spaces.

The scrip fell 1.14% to currently trade at Rs 709 on the BSE.

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Keystone Realtors (Rustomjee) 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 crore, with Rs. 1 crore already paid and the remaining Rs. 90 crore to be paid in a staggered manner over the next 2 years. The company has already applied for RERA registration and plan to launch the project in the current quarter, Q2FY25.

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The key domestic indices traded with moderate gains in early afternoon. The Nifty scaled above 24,350 mark. PSU bank shares advance after declining in the past trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 288.6 points or 0.37% to 80,254.66. The Nifty 50 index added 70.60 points or 0.29% to 24,391.15.

In the broader market, the S&P BSE Mid-Cap index added 0.20% and the S&P BSE Small-Cap index rose 0.09%. The S&P BSE Mid-Cap index hit an all-time high at 47,659.70.

The market breadth was positive. On the BSE, 1,972 shares rose and 1,849 shares fell. A total of 114 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 3.06% to 14.02. The Nifty 25 July 2024 futures were trading at 24,445.05, at a premium of 53.9 points as compared with the spot at 24,391.15.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 32.5 lakh contracts at the 25,000 strike price. Maximum Put OI of 51.4 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index gained 1.87% to 7,374.40. The index fell 1.60% in the past trading session.

Punjab & Sind Bank (up 5.09%), Indian Overseas Bank (up 5.05%), Union Bank of India (up 4.79%), Central Bank of India (up 4.11%) and Bank of Maharashtra (up 3.86%), UCO Bank (up 3.37%), Bank of India (up 3.25%), Punjab National Bank (up 2.05%), Canara Bank (up 1.88%) and Indian Bank (up 1.78%) advanced.

Stocks in spotlight:

Keystone Realtors added 3.58% after the company reported pre-sales of Rs 611 crore in Q1 FY25, showing a growth of 22% YoY basis as compared to the pre-sales of Rs 502 crore recorded in Q1 FY24.

Kalpataru Projects International added 1.58% after the company said that it has increased fund raising limit via non-convertible debentures (NCDs) by upto Rs 1,600 crore.

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Collections were at Rs 485 crore in Q1 FY25 as against Rs 495 crore in Q1 FY24, down 2% on YoY basis.

The company achieved sales volume of 0.24 million square feet in Q1 FY25, which is lower by 16% as compared with the sales volume of 0.29 million square feet posted in Q1 FY24.

Keystone Realtors stated that it had launched 2 projects in Q1 FY25 having saleable area of 0.63 million square feet and estimated gross development value (GDV) of Rs 2,017 crore, in line with the company’s guidance of launching 2 project a quarter.

The company further said that it has added 1 project in Q1 FY25 having saleable Area of 0.35 million square feet and estimated GDV of Rs 984 crore.

The company added that it has successfully completed the fund raise of Rs 800 crore through QIP in May 2024.Boman Irani, CMD of Keystone Realtors, said: “The first quarter of FY25 has set a tone for the year, marking an inflection point for our company as we continue to build on the significant momentum from FY24.

We are confidently poised to deliver substantial value to all stakeholders as we navigate through this year, anticipating a strong uptrend in both acquisitions and launches.”

Keystone Realtors is a flagship entity of the Rustomjee Group. KRL and its subsidiaries undertake residential and mixed-use projects in Mumbai Metropolitan Region (MMR) under the Rustomjee brand. The Rustomjee Group has a strong execution track record, which includes development of luxury residential real estate, affordable housing, shopping mall, schools and commercial spaces. Its execution track record is supported by the completed construction of over 20 million square feet area, under-construction projects comprising a saleable area of 6 million square feet and forthcoming developments of 27 million square feet in pipeline.

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