Keystone Realtors shares surge for ninth straight day after bagging second redevelopment project

Shares of Keystone Realtors Ltd, part of the Mumbai-based Rustomjee Group, gained as much as 10% on Wednesday, July 2 after the company said it was selected by eight housing societies as the developer for the large-scale cluster redevelopment project in Andheri West, Mumbai.The company said the development agreement has been executed with five societies, while it has received letters of intent from the remaining three societies, with the development agreement expected to be received in the next few days.

The project has a cumulative plot area of around 4.75 acre, encompassing the existing 548 members. The proposed redevelopment is expected to unlock a saleable area of around 10.6 lakh square feet and generate a gross development value of ₹3,000 crore, the company said.

“We believe that urban redevelopment is not just about creating real estate, but also revitalising communities and transforming the way people live in the city. The cluster-led approach is a testament to the growing trust in Rustomjee’s redevelopment capabilities and our consistent track record of timely delivery and thoughtful design,” Boman Irani, the chairman and managing director of Keystone Realtors, said.On Tuesday, July 1, Keystone Realtors said it received the letter of acceptance for a redevelopment project worth over ₹4,000 crore in GTB Nagar, Mumbai. 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.

Shares of Keystone Realtors are trading 3.7% higher on the bourses at ₹657.5. The stock is up for the ninth day running and has gained over 25% in the last one month.

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