This real estate company will invest up to Rs 900 crore on housing projects, CMD told the plan
Well-known real estate company Keystone Realtors will increase its investment on construction of housing projects to Rs 800 to Rs 900 crore in the current financial year 2024-25. This is a part of the company’s strategy to enhance its execution capabilities. The company’s Chairman and Managing Director (CMD) Boman Rustam Irani said in an interview that the company will invest heavily in construction and purchasing land in the current financial year to expand its business. Let us tell you that Boman Rustam is also the chairman of CREDAI, the top organization of the Iranian real estate sector.
Last year the company had invested Rs 400 crore on construction.
CMD of Keystone Realtors said, “We will invest around Rs 800 to 900 crore on construction in the current financial year. In the last financial year, we had invested about Rs 400 crore on construction.” Irani said the company has additional cash of about Rs 3,000 crore to invest for growth. “We have raised Rs 800 crore through qualified institutional issue (QIP) and internal cash flow,” the CMD said.
Big increase of 32 percent in company’s sales bookings
Boman Rustam Irani said that there is still strong demand in the housing market. Therefore, the company has set a target of increasing its sales bookings by 32 percent to Rs 3,000 crore in the current financial year. He expressed hope that the company will cross this figure.
Keystone Realtors had sold properties worth Rs 2,266 crore in the last financial year.
The company has achieved pre-sales of Rs 611 crore in the first (April-June) quarter of the current financial year, which is 22 percent more than Rs 502 crore in the same quarter a year ago. In the financial year 2023-24, the company had sold properties worth Rs 2,266 crore. Keystone Realtors sells its properties under the Rustomjee brand. It is one of the leading real estate developers in the country, with a strong presence in the Mumbai Metropolitan Region.
