Keystone Realtors Enters Plotted Development with Kasara Project

Keystone Realtors Limited, known as Rustomjee informed in a stock exchange filing that the company has embarked on a significant expansion into plotted development by acquiring an expansive 88-acre land parcel in Kasara.

The company stated that situated amidst the picturesque backdrop of mountains, this lush green landmark is Rustomjee’s strategic move to meet the rising demand for second homes away from bustling city life.

The Kasara project is set to introduce approximately 500 plots of varying sizes, encompassing a total area of around 1.5 million square feet. This development promises to redefine luxury living in serene surroundings, offering residents an unparalleled retreat amidst nature’s tranquillity.

The acquisition of this land parcel involves a total consideration of ₹91 crore, with an initial payment of ₹1 crore already made. The remaining ₹90 crore will be disbursed in staggered payments over the next two years. Rustomjee has already initiated the process for RERA registration and plans to launch the project in the current quarter, Q2FY25.

For Rustomjee, venturing into plotted development aligns perfectly with its business strategy. Such developments typically offer quicker cash flow cycles and enhance profitability and return ratios. The Kasara project underscores Rustomjee’s commitment to capitalising on high-demand segments in the real estate market, ensuring sustained and robust growth.

Speaking of this development, the Chairman and Managing Director of Keystone Realtors Limited, Mr Boman Irani, 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 recognised for its proactive approach to identifying emerging market trends.”

He further added, “In Plotted development, we foresee strong demand and traction. This segment lacks organised and branded developers, making it the 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 delivering exceptional value to all our stakeholders and setting new benchmarks in the real estate industry.”

On July 11, 2024, the share price of Keystone Realtors Ltd opened at ₹720.00, touching the day’s low at ₹705.60, as of 10:41 AM on the NSE.

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