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Keystone Realtors up 8% on receiving LoA for Mumbai redevelopment project

Keystone Realtors shares spiked 8.3 per cent in trade on Tuesday, logging an intraday high at ₹666 per share on BSE. At 10:28 AM, Keystone Realtors share price was trading 5.13 per cent higher at ₹645.95 per share on the BSE. In comparison, the BSE Sensex was up 0.06 per cent at 83,652.6. The company's market capitalisation stood at ₹8,140.89 crore. Its 52-week high was at ₹799.95 per share and 52-week low was at ₹484 per share. In one year, Keystone Realtors shares have lost 7.5 per cent as compared to Sensex's rise of 5 per cent. What led to a rally in Keystone Realtors' stock? The northward movement in the stock came after the company, in collaboration with MHADA (Maharashtra Housing and Area Development Authority), received a letter of acceptance (LoA) for the redevelopment of GTB Nagar in Sion. The redevelopment area spans approximately 11.19 acres (45,308 square meters) and is expected to benefit over 1,400 families. It is poised to unlock a saleable area of around 20.7 lakh square feet, with an estimated Gross Development Value (GDV) of approximately ₹4,521 crore. 'We are honoured to have received the LOA for the redevelopment of GTB Nagar in Sion; a project that carries the hopes of 1,200 society members and 200 slum residents. As a pioneer in Mumbai's redevelopment space, Rustomjee has always believed that such projects are not just about infrastructure, but about impact. In partnership with MHADA, we see this as much more than a redevelopment - it is about restoring faith, rebuilding homes and uplifting lives," said Boman Irani, chairman and managing director, Keystone Realtors. About Keystone Realtors Incorporated in 1995, Keystone Realtors is an MMR based real estate developer and a leader in the redevelopment space. The company has a substantial portfolio of projects spanning the Mumbai Metropolitan Region (MMR), with 37 completed projects, 16 ongoing projects, and 26 forthcoming projects that cover all price points, from affordable to super premium. So far, the company has delivered over 26+ million square feet, with a pipeline of over 40+ million square feet in the works. A strategic asset-light approach, an integrated real estate development model, and a strong eye for quality and detail gives the Company's management team an edge over its peers.