Keystone Realtors shares jump 7% after bagging ₹4,521 crore redevelopment project with MHADA
Published on 01/07/2025 10:29 AM
Keystone Realtors shares jump 7% after bagging ₹4,521 crore redevelopment project with MHADAThe plot area is said to be 11.19 acres and is likely to benefit over 1,400 families by unlocking a saleable area of nearly 20.7 lakh square feet and a Gross Development Value of ₹4,521 crore.By Hormaz Fatakia July 1, 2025, 10:29:33 AM IST (Published)2 Min ReadKeystone Realtors Ltd., part of the Mumbai-based Rustomjee Group, has received the Letter of Acceptance (LoA) for a redevelopment project worth over ₹4,000 crore on Tuesday, July 1. Shares gained 7% in response.
In an exchange filing, Keystone Realtors said that the LoA is for the redevelopment of GTB Nagar, in Mumbai's Sion suburb. Calling it one of Mumbai's most impactful urban transformation projects, Keystone said that the project will be undertaken in collaboration with the Maharashtra Housing and Area Development Authority.
The plot area is said to be 11.19 acres and is likely to benefit over 1,400 families by unlocking a saleable area of nearly 20.7 lakh square feet and a Gross Development Value of ₹4,521 crore.
"As a pioneer in Mumbai’s redevelopment space, Rustomjee has always believed that such projects are not just about infrastructure, but about impact," Boman Irani, the Chairman and Managing Director of Keystone Realtors said.
In an interaction with CNBC-TV18 on June 26, Irani had mentioned that demand remains very strong, with mid-market and aspirational being the largest growing segments in Mumbai.
Irani added that he sticks to his financial year 2026 launch guidance of ₹7,000 crore and may even surpass that number. Speaking about redevelopment, Irani had mentioned that competition in Mumbai is getting intense in this space, with 20-22 companies bidding for redevelopment projects on an average.
All three analysts tracking Keystone Realtors have a "buy" rating on the stock.
Shares of Keystone Realtors are currently trading 5.6% higher after the announcement, at ₹646.8. The stock has gained 21% in the last one month.Continue ReadingCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsKeystone Realtorsshare market today