Keystone Realtors has secured three major redevelopment projects in Mumbai during the June quarter of fiscal year 2025-26, with a combined gross development value (GDV) exceeding ₹7,700 crore. This significant acquisition marks an important step in the company’s growth strategy as it aims to expand its presence in the Mumbai Metropolitan Region (MMR) residential real estate market.
According to Boman Irani, Chairman and Managing Director of Keystone Realtors, the company experienced its strongest quarterly pre-sales to date, recording ₹1,068 crore during April-June 2025. This reflects a 75 percent increase compared to the same period last year, signaling strong market demand for its redevelopment projects and underlining Keystone’s position as a leading player in the sector.
The three newly acquired projects include a ₹4,521 crore redevelopment of the GTB Nagar Cluster in Sion, a ₹2,956 crore redevelopment of the Lokhandwala Cluster in Andheri (West), and a ₹251 crore redevelopment project at Goregaon (East). Together, these projects offer a total saleable area of approximately 3.25 million square feet, positioning Keystone to deliver a substantial volume of new housing units in these key Mumbai locations.
Keystone Realtors has long been recognized for its focus on redevelopment of housing societies and cluster redevelopment projects, a niche that it continues to strengthen. The company’s strategy prioritizes acquiring land parcels in established residential neighborhoods to maximize redevelopment potential, which not only addresses the demand for new housing but also revitalizes aging urban infrastructure.
During the first quarter of the fiscal year, Keystone launched three projects with a combined estimated GDV of nearly ₹4,000 crore. This amount accounts for 57 percent of the company’s targeted project launches of ₹7,000 crore for the entire fiscal year, indicating a strong pipeline of upcoming developments.
Despite the robust sales and launch activity, Keystone reported a 44 percent decline in consolidated net profit to ₹14.51 crore for the quarter ended June 2025. This decrease, from ₹25.82 crore in the same period the previous year, was largely due to lower income recognition, stemming from the project completion accounting method previously followed by the company. To address this, Keystone plans to adopt the percentage of completion method for revenue recognition, which is expected to provide a more accurate reflection of financial performance going forward.
Keystone is actively exploring additional land acquisitions across the Mumbai Metropolitan Region to fuel further growth. The company’s management has indicated a willingness to revise annual growth targets after assessing performance in the second quarter, reflecting confidence in sustaining its current expansion trajectory.
