Rustomjee Parent Keystone Realtors IPO - Prominent Real Estate Developer In MMR: ICICI Direct

Asset-light and scalable model resulting in profitability and stable financial performance.

<div class="paragraphs"><p>A Rustomejee tower. (Photo: Vijay Sartape /BQ Prime)</p></div>
A Rustomejee tower. (Photo: Vijay Sartape /BQ Prime)

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ICICI Direct's IPO Report

Keystone Realtors Ltd., operating the ‘Rustomjee’ brand, is one of the prominent real estate developers in terms of absorption in number of units in the targeted micro markets.

Keystone Realtors has a diversified suite of projects across a wide range of price points having developed 20.2 million square feet of high-value and affordable residential buildings, premium gated estates, townships and various other projects.

The company has commanded market share of 28% in Khar, 23% in Juhu, 11% in Bandra East, 14% in Virar, 3% in Thane and 5% in Bhandup in terms of absorption (in units) in 2017-21.

As of June 30, 2022, Keystone Realtors had 32 completed projects, 12 ongoing projects and 21 forthcoming projects across Mumbai Metro Region.

Some of its notable projects include Rustomjee Elements, a large gated community in Upper Juhu, Mumbai; Rustomjee Paramount, a signature complex in Khar; Rustomjee Crown and a 5.75-acre land parcel for high-end development at Prabhadevi, South Mumbai.

Click on the attachment to read the full IPO report:

ICICI Direct Keystone IPO Review.pdf
Rustomjee Parent Keystone Realtors IPO: All You Need To Know


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