Keystone Realtors share price soars 10% after securing ₹3,000 crore redevelopment project
The company informed investors through an exchange filing today that it has been selected by 8 housing societies as the developer for the large-scale cluster redevelopment project in the highly sought-after residential neighborhood of Andheri West, Mumbai.
It said that a development agreement (DA) has already been executed with 5 societies, while LOIs have been received from the remaining 3 societies. The DA execution is expected over the next few days.
The project involves the redevelopment of a cluster of private housing societies located in Andheri's vibrant residential hub, with a cumulative plot area of approximately 4.75 acres (19,229 square meters), encompassing 548 existing members.
The company expects the proposed redevelopment to unlock a saleable area of approximately 10.6 lakh square feet and generate a Gross Development Value (GDV) of ₹ 3,000 crore.
Meanwhile, on Tuesday, the company received the Letter of Acceptance (LOA) for the redevelopment of GTB Nagar in Sion, one of Mumbai's most impactful urban transformation projects, being undertaken in collaboration with MHADA (Maharashtra Housing and Area Development Authority).
Spread across a plot area of approximately 11.19 acres (45,308 square meters), this large-scale redevelopment will benefit over 1,400 families and is expected to unlock a saleable area of approximately 2.07 million square feet, with an estimated gross development value (GDV) of ₹ 4,521 crore.
The shares have been maintaining a strong winning run in the recent sessions as they have gained 25% from June 19 lows and are approaching their 52-week high of ₹ 801 apiece, recorded in November 2024.
Between September and February 2025, the shares underwent a significant correction, losing 30% of their value; however, the recent recovery has covered most of the losses. It ended last month in green with a rally of 13%.
Listed in November 2022, the shares are currently trading 22% higher than their IPO price of ₹ 541 apiece.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scroll.in
an hour ago
- Scroll.in
Data breach of 16 billion login credentials could risk Indian users
This article was originally published in Rest of World, which covers technology's impact outside the West. A recent data breach of about 16 billion login credentials is said to have put users of Facebook, Instagram, Google, and Apple at risk of fraud and identity theft. The stolen records, scattered across 30 databases, are a 'blueprint for mass exploitation' that threatens users in developing nations, according to a June 18 report by CyberNews, whose researchers found the breach. Unlike traditional database hacks, this leak originated from malware that infiltrates devices only when users download corrupted files, then targets people with poor password habits. Developing countries face the greatest risk from this breach due to rapid digital adoption coupled with inadequate cybersecurity infrastructure, experts said. The vulnerability is particularly acute in Asia and Latin America, which represent the largest user bases for many affected platforms. 'Breaches like this can cause serious damage in Africa and Asia, especially emerging economies like India, Brazil, Nigeria, and Indonesia,' Salman Waris, founder of UAE-based cybersecurity consultancy TechLegis, told Rest of World. 'Since digital growth is rapid but security is lagging, the risk of fraud and cybercrime spikes for millions.' Meta, Google, and Apple have yet to react to the breach. The geographic concentration of users amplifies the potential impact significantly. India represents Facebook and Instagram's biggest market, accounting for 20% and 26% of the platforms' app downloads, respectively, according to San Francisco-based research firm Sensor Tower. Countries across Asia and Latin America similarly house substantial portions of Gmail's global user base. Government institutions and critical infrastructure operators face elevated risks from the breach, Waris said. Individuals and organisations lacking two-factor authentication become easy targets for infostealer malware campaigns, he added. Historical precedents show the devastating potential of such breaches in developing regions. A 2015 leak exposed 184 million Pakistani users' credentials for banks, social media, and government services, triggering widespread fraud warnings. The same year, Operation Secure in Asia led to more than 216,000 victim notifications after attacks targeted credentials and payment information across Vietnam and Sri Lanka. African nations have suffered similar breaches targeting critical infrastructure. Almost 500,000 pieces of personal and financial data were stolen in 2024 from Telecom Namibia, affecting ministries and senior government officials. In the first quarter of 2025, over 119,000 leaked data breaches were recorded in Nigeria, according to a report from cybersecurity firm Surfshark. Many other African countries, like South Africa and Morocco, have had their fair share of data breaches. The economic impact can be severe for emerging markets with limited resources. Costa Rica's 2022 ransomware attack crippled government services and cost the country 2.4% of its GDP. Such incidents highlight how cyberattacks can devastate economies already struggling with infrastructure challenges. Weak law enforcement compounds the problem in many developing nations. Inadequate policing infrastructure often fails to identify thefts, let alone lead to prosecution, Ankur Bisen, a senior partner at consulting firm Technopak, told Rest of World. 'In India, digital frauds are now recognised as the single biggest financial risk by the central bank,' Bisen said, emphasising the growing threat to emerging economies where millions lack basic cybersecurity awareness. The leaked data sets flagged by CyberNews varied dramatically in size and scope. The smallest collection contained about 16 million records, while the largest – reportedly targeting Portuguese-speaking users – held more than 3.5 billion credentials. Each batch averaged approximately 550 million records. While the scale appears unprecedented, security experts caution that much of the data may be outdated or recycled. Infostealer malware typically captures a broad range of credentials from infected devices, Waris said. 'The data covers everything from Google and Facebook to VPNs and developer portals, but a lot of it is recycled, outdated, or even fake,' he said.
News18
2 hours ago
- News18
Birkenstock Cracks Down On Fakes In India, Agra Factories Raided: Report
Last Updated: The company's internal investigation reportedly found that fake versions of its popular sandals were being manufactured in rural areas near the tourist hub of Agra German footwear brand Birkenstock has launched a legal crackdown in India against suspected counterfeit sandals, leading court-appointed officials to inspect and raid several small factories, mostly around the city of Agra. The action comes after an infringement lawsuit filed by Birkenstock in May, according to people familiar with the matter told Reuters. The company's internal investigation reportedly found that fake versions of its popular sandals were being manufactured in rural areas near the tourist hub of Agra, home to the Taj Mahal, and sold both within India and overseas. The Delhi High Court is currently hearing the case. On May 26, Judge Saurabh Banerjee issued a confidential order, recently made public, appointing 10 local lawyers as court commissioners to carry out surprise inspections. These officials were given the authority to 'seize, pack and seal" products that allegedly copied Birkenstock's branding. The court order also included photographs of the suspected fake sandals and packaging submitted by the company. According to three sources familiar with the case, the raids have now been completed in Agra and New Delhi, and confidential reports have been submitted to the judge. The next hearing is scheduled for 6 October. Birkenstock, which did not comment on the case, is being represented by the Delhi-based law firm Lall & Sethi. The lawyers also declined to speak publicly, citing ongoing legal proceedings. In his order, the judge stated that the alleged fakes 'seem like a cheap knock off" and could easily mislead customers. 'The differences, hardly if any, are not something which can be discerned by the naked eye," he said. Birkenstock sandals, once associated with counterculture and worn by medical professionals and tech workers, gained renewed popularity after Margot Robbie wore a pink pair in the final scene of the 2023 film Barbie. In India, the brand's footwear ranges from $46 to $233. (With inputs from Reuters)
Time of India
2 hours ago
- Time of India
Thousands of UAE residents who invested in second passports fear visa bans as US, UK tighten CBI rules
Recent US and EU regulations require CBI countries to meet strict vetting standards by 2025, or risk losing visa-free access to the UK and Schengen countries/ (Representative Image) For many expatriates in the UAE, acquiring a second passport through Citizenship by Investment (CBI) programs has become a popular route to global mobility, offering visa-free access to key destinations like the UK, Schengen area, and other countries. Unlike in their home countries, where restrictions on visas or passports may limit global movement, UAE residents benefit from rules that allow dual citizenship, making it easier to pursue CBI options in countries like Dominica, Saint Kitts and Nevis, Saint Lucia, Cambodia, and Egypt. These countries offer pathways to citizenship in exchange for hefty financial investments. However, recent developments have cast a shadow over these investments, leaving many in a state of uncertainty as the global landscape for CBI programmes shifts dramatically. The Impending Storm: US and EU Crackdowns on CBI Programmes On June 14, US Secretary of State Marco Rubio signed a memorandum setting a 60-day deadline for 36 countries, including many with CBI programmes, to meet rigorous vetting and information-sharing standards. These standards are designed to address concerns over security risks and the integrity of the programmes. The deadline, which ends on August 13, 2025, brings with it the threat of visa bans for nations that fail to comply. Similarly, the European Union is progressing with legislation to suspend visa-free Schengen access for countries that have weak oversight, with a law expected to come into force by September. For many expatriates in the UAE, this could mean losing access to one of the main benefits of CBI passports—visa-free travel to a range of countries. As Sam Bayat, founder of Dubai-based Bayat Legal Services, explained to the local media outlet Gulf News : 'It's a perfect storm, and many passport holders didn't see it coming.' Bayat, a pioneer in international investment migration, further emphasized the scale of the situation: 'People invested hundreds of thousands of dollars into citizenship programmes, believing it was their ticket to global freedom. Now, they're facing sudden restrictions that could render those passports practically useless.' The UAE: A Hotspot for CBI Applications The impact of these changes is most pronounced in the UAE, where expatriates make up almost 90% of the population. Bayat estimates that over 10,000 applications have been filed from the region in recent years, suggesting that around 30,000 individuals could be affected by these new restrictions. This number is based on the assumption that each application involves multiple family members, making the potential fallout substantial. Among those most vulnerable are Indian nationals in the UAE. Since India does not allow dual citizenship, many individuals who acquired second passports had to renounce their Indian nationality. In 2023, Henley & Partners' Private Wealth Migration Report highlighted that 4,300 wealthy Indians gave up their citizenship, with many opting for CBI programmes in the Caribbean or other regions while residing in the Gulf. One Indian expat, who acquired a Saint Lucia passport in 2022, told Gulf News : "We took this step thinking we were securing our future. Now it feels like everything's up in the air. I'm following the developments and hoping it doesn't come to a point where we're left without real options.' For many, this isn't just a policy shift, it's a personal crisis. Bayat adds, 'For families who sold property or dipped into savings to secure their second passports, this is more than a policy change, it's a personal crisis. They may feel betrayed, especially those who renounced their nationalities.' Local Agencies Under Pressure: The End of an Era? The local agencies in the Gulf that marketed these CBI programmes as low-risk, high-reward investments are also facing pressure. Bayat suggests that many of these firms, which built their business models around facilitating Caribbean passport acquisitions, may not survive the fallout. "This could be the end of the road for dozens of firms that built their businesses on Caribbean passports," he warns. A 2023 European Commission report raised concerns about the lax due diligence of several Caribbean states issuing "golden passports." According to the report, these countries have issued a large number of passports with weak vetting processes, which has drawn the attention of both the US and EU. But the issues aren't limited to the Caribbean. The US memorandum also targets Cambodia and Egypt, signaling that the problem is now global. In light of this, Bayat argues that 'cosmetic changes' to the CBI programmes won't suffice. He calls for 'a phased, credibility-first model' to restore trust in these schemes, warning that without meaningful reform, CBI programmes risk being viewed as a 'security threat' rather than a legitimate development tool. The Growing Shift Toward Secure Alternatives As CBI programs face mounting scrutiny, many affected individuals are beginning to explore more secure and credible alternatives. The UAE's 10-year Golden Visa, for instance, has gained popularity as a stable long-term option. Rayad Kamal Ayub, Managing Director of Rayad Group Immigration Services, points to this shift: 'We are navigating a significant transformation in the citizenship-by-investment landscape. The shift away from off-the-shelf passport purchases indicates a move toward more sustainable and legitimate pathways.' Ayub's firm has set up a help desk to assist those who are facing the fallout from these changes, as rules around CBI programs continue to evolve. He highlights the credibility of programmes like the UAE Golden Visa, which focus on long-term residency and integration, rather than simply paying for citizenship. Similarly, points-based immigration systems in countries like Canada, Australia, and New Zealand are becoming increasingly popular, as nations prioritize applicants' qualifications and long-term contributions over cash. Bayat concurs that the idea of investment migration itself is not under attack, but rather how it has been misused. He asserts: 'Citizenship is a sovereign right, but it carries responsibilities for both the issuing state and the individual. The US and EU message is loud and clear – adapt or be shut out.' The Stakes for CBI Countries: Economic and Political Ramifications For the countries that rely heavily on the revenue generated from CBI programmes, the stakes couldn't be higher. Nations like Saint Kitts and Nevis and Dominica use the proceeds from citizenship sales to fund critical infrastructure, schools, and healthcare. A US visa ban or Schengen suspension would not only devastate their economies but also likely confuse and anger their populations, who may not fully understand the reasons behind the changes. Bayat sums up the situation by stressing the need for greater transparency and accountability in CBI programmes: 'Visa-free access to the UK or Schengen is not a birthright; it's a privilege based on trust. And that trust is eroding fast for countries that continue to operate opaque or outdated CBI models.' He further adds, 'Commonwealth ties or past diplomatic goodwill won't protect countries from enforcement if their citizenship programmes fail to meet modern standards of integrity. '
