Redevelopment has been a big growth trigger for real estate developers: Keystone Realtors

He added that buyers are looking at long-term safety for their money. He added cities like Mumbai and MMR have grown hugely and redevelopment has been the big growth trigger.

Irani said, “This has led to a newness or a kind of youth infusion into the city of Mumbai redevelopments add to that the infrastructure is being built across the country this is leading to a lot of commercial development as well.”

Last known number at Rs 244 crore which is in three months FY23, but from FY20 bookings of Rs 1,000 crore, bookings are now at Rs 2,640 crore, so that is the normalized run rate. Volumes in Fy22 were at 1.48 million square feet, and in 3 months it is at 0.2 million square feet, during the pandemic it was between 0.7-0.9 million square feet.

Debt was a big issue for the company and now that has been able to reduce it substantially, from 7.7x in 2020 to 1.38x in FY22 and funds raised via IPO were also used to reduce debt.

Irani said, “We did not need to come to the capital markets, because the fact that the debt was high, our debt wasn't very high. As a matter of fact, in 2018, we started reducing, we started on this path of reducing our debt. We brought it down to absolutely manageable levels where all the debt lay in the projects themselves, ongoing projects. But we have decided to bring that down as well right now. So that there's headroom for growth, again. 1:1 debt to equity is something that real estate developers can happily survive or take care of a healthy company.”