Keystone Realtors' pre-sales bookings increased to ₹700 crore in Q2 FY25

By Bricksnwall | 2024-10-09

Pre-sales reached ₹1,311 crore from April to September this fiscal year, up from ₹807 crore in the same time last year.

On October 8, Mumbai-based real estate developer Keystone Realtors Ltd, popularly known as Rustomjee Group, announced a nearly 100% growth in pre-sales bookings to ₹700 crore in Q2FY25 compared to ₹306 crore the previous year.

Pre-sales reached ₹1,311 crore from April to September this fiscal year, up from ₹807 crore in the same time last year.

Keystone Realtors Ltd reported a more than two-fold increase in sales bookings to ₹700 crore in the second quarter of the fiscal year, driven by strong home demand.

"Building on the extraordinary momentum from FY24, our pre-sales have skyrocketed to 7 billion in Q2 of FY25, showing a tremendous quarterly growth of 129 on a year-over-year basis, a credit to our resilience and strategic vision." said Boman Irani, chief marketing officer of Keystone Realtors.

During the September quarter, the company launched three projects with a sales potential of ₹2,040 crore. In the second quarter of this fiscal year, the company added three new redevelopment projects, resulting in an additional GDV of ₹1,333 crore, according to Irani.

"As the holiday season approaches, we are enthusiastic about our robust pipeline of launches for the remainder of FY25. "Irani said, "I am confident that we are well-equipped to not only acquire new projects but also bring them to fruition efficiently.".

In July 2024, Rustomjee Group announced its entry into the plotted development industry. The corporation paid ₹91 crore for an 88-acre property tract in Kasara, near the popular hill destination Igatpuri, roughly a three-hour drive from Mumbai.

According to the corporation, plotted development is a smart move motivated by the growing demand for second houses among people looking for a calm escape from city living.

Q2FY25 Financial Results

On August 5, Rustomjee Group reported an almost 45% reduction in profits, from ₹47 crore in Q1FY24 to ₹26 crore in the June quarter of FY25.

The company's pre-sales increased by 22% to ₹611 crore in Q1FY25, from ₹502 crore in Q3FY24.

The company reported an increase in total income to ₹437 crore in Q1FY25 from ₹282 crore in Q1FY24.

Source: Hindustan Times