Top Gainer: The company has informed in an exchange filing that development agreements have been signed with five housing societies, while Letters of Intent (LOI) have been received from the remaining three societies.
Keystone Realtors Limited shares continued their upward trend for the ninth consecutive day. On Wednesday, July 2nd, the company's share price surged by up to 10 percent, reaching ₹657.5. The stock has jumped over 25 percent in the past month. This is attributed to new projects and development agreements received by the company, which have boosted investor confidence.
Major Project in Andheri, Mumbai
Keystone Realtors Limited, the flagship company of the Rustomjee Group, has been selected for a cluster redevelopment project in the Andheri West area of Mumbai. This project is being developed by incorporating eight housing societies. The company stated that development agreements have been finalized with five of these societies, while Letters of Intent have been received from the remaining three.
Over 10 Lakh Square Feet of Saleable Area to be Developed
The entire project spans a total land area of 4.75 acres, accommodating approximately 548 members. Under this redevelopment, a saleable area of approximately 10.6 lakh square feet will be developed. The company estimates that the gross development value of this project will be around ₹3,000 crore.
What the Company Said
Boman Irani, Chairman and Managing Director of the company, stated that this is not merely a construction project but a means of giving a new direction to the community through urban reconstruction. He said that the cluster-based planning is a testament to our redevelopment capabilities and the reliability of timely project delivery.
Another Major Redevelopment Project Received Earlier
This is not the first time Keystone Realtors has received such a large redevelopment project. On July 1st, the company received an approval letter for another major project in the GTB Nagar area of Mumbai. This project spans 11.19 acres and will provide residential facilities to approximately 1,400 families. It will create a saleable area of about 20.7 lakh square feet, with a gross development value estimated at ₹4,521 crore.
Reasons Behind the Surge
Keystone Realtors has been consistently receiving large projects in recent times. Due to this, a positive sentiment has been created among investors regarding the company. The company has established itself as a trusted name in the Mumbai redevelopment market.
This has led to a continuous demand for the shares. According to technical analysts, this surge reflects investors' expectations regarding the company's long-term growth strategy and focus.
Performance Over the Past Month
According to stock market data, Keystone Realtors' stock has increased by over 25 percent in the past month. Achieving gains for nine consecutive days is considered a special achievement for any mid-cap real estate company. The share price saw a jump of over 15 percent in a week.
Experience in Cluster Redevelopment
The Rustomjee brand enjoys a good reputation in the housing redevelopment sector of Mumbai. The company has a b hold, especially in the field of cluster redevelopment. In recent years, the company has successfully completed many such projects that transform old buildings into modern housing units.
Located in the Heart of the City
The company's projects are mostly concentrated in prime areas of Mumbai such as Andheri, Bandra, Versova, Goregaon, Malad, Chembur, Dahisar, and Borivali. There is a high demand for housing in these areas, and the company is fulfilling those needs through cluster redevelopment.
Pace of Development and Investor Expectations
Keystone Realtors' plans indicate that the company is ready to maintain its pace of development. The continuous receipt of large projects and b implementation capabilities are leading the company towards a top position in the real estate sector.
