homereal estate NewsSolid demand for homes across all segments, from affordable to uber premium: Keystone Realtors
Solid demand for homes across all segments, from affordable to uber premium: Keystone Realtors
Mumbai-based Keystone Realtors, which operates the Rustomjee brand, has seen substantial growth in the first nine months of the current year, reaching approximately ₹5,100 crores, and CMD Boman Rustom Irani is confident that the remaining three months of the year will see robust growth.
Mumbai-based Keystone Realtors, which operates the Rustomjee brand, is seeing solid demand across the board from affordable to luxury homes.
Boman Rustom Irani, CMD, said while Rustomjee caters to every segment from affordable to uber premium, the mid-mass and aspirational segments -- priced between ₹1 crore and ₹3 crore, and ₹3 crore to ₹7 crore, respectively -- will continue to be the mainstay all the sales that take place in the Mumbai Metropolitan Region (MMR).
Irani believes that the younger population of the country is highly aspirational and that is driving up the sales of premium homes. He said while homes over ₹1.5 crore are considered premium across the country, it would be a misnomer for a city like Mumbai, where premium is over ₹7 crore and up to ₹15 crore and super premium beyond that.
"I am happy to state have done extremely well. And we see a great amount of demand coming from these quarters as well,” he said.
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On the business development side alone, Rustomjee had clocked about ₹3,400 plus crore projects last year, across the year, Irani said, adding that for the first nine months of this year, the company has done about ₹5,100 crore, or almost 50% higher and there's still three months for the year to end.
Irani highlighted that Mumbai Trans Harbour Link (MTHL) will also aid real estate demand in Navi Mumbai
MTHL's proximity to the new airport will drive demand in areas at both its ends. Those areas will also see new industries coming up leading to additional jobs getting added. The airport also brings with its entire logistics hub and major commercial developments. That will boost volumes.
Keystone Realtors has a market capitalisation of around ₹8,074 crore. The company's shares have gained over 11% year to date and close to 32% in the past year.
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(Edited by : Shweta Mungre)
First Published: Jan 11, 2024 4:29 PM IST
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