### **Company Overview** Keystone Realtors Ltd (KRL), operating under the **Rustomjee** brand, is a leading real estate developer in the **Mumbai Metropolitan Region (MMR)**. Established in 1995, the company has over **29 years of experience** and has delivered **more than 310 buildings** and homes to over **17,000 families**, including the rehousing of over **1,800 families** through redevelopment projects. With a strong focus on **urban redevelopment, affordable to super-premium housing, and integrated townships**, Rustomjee has established itself as a dominant player in the MMR real estate market. KRL completed its **Initial Public Offering (IPO) in 2022** and raised further capital via a **Qualified Institutional Placement (QIP) in 2024**, underpinning its financial strength and scalability. --- ### **Business Model: Asset-Light & Capital-Efficient** Rustomjee operates on a **proven asset-light business model**, minimizing upfront capital expenditure by using: - **Joint Development Agreements (JDAs)** - **Redevelopment partnerships** with housing societies and MHADA - **Development Management (DM) models** (e.g., 17% revenue-based fees + incentives, as in 180 Bayview) - **Joint ventures (JVs)** with partners like Keppel Land (Singapore) This model has enabled: - **Strong returns on equity (ROE)** and **capital employed (ROCE)** - **Net debt-to-equity of zero as of March 2025**, with a gross debt-to-equity ratio of **0.12:1** - Consistently high pre-sales and operating cash flows - Scalable operations with low balance sheet risk --- ### **Growth Strategy** #### 1. **Focus on Redevelopment & Cluster Redevelopment** - Redevelopment remains a **core strategic focus**, especially in land-constrained Mumbai. - Since FY23, the company has added **25 new projects** with an **estimated GDV of INR 25,490 crores**—**21 of which are redevelopment projects**. - The company is intensifying its efforts in **cluster redevelopment**, with major projects in: - **Lokhandwala (Andheri West)** - **GTB Nagar (Sion)** - **Dindoshi** - **Malad West** - The **Andheri West (Lokhandwala) cluster** involves **8 housing societies**, with **5 development agreements signed** and **3 LOIs pending**. GDV ~**INR 3,000 crore**, spanning **4.75 acres**. #### 2. **Expansion into New Micro-Markets** Rustomjee is expanding into high-growth, infrastructure-linked micro-markets: - **Recent entries**: Chembur, Mahim, Versova, Dombivli, Kasara, and **Nagpur** - Plans to launch its **first project in Nagpur** in November 2025, targeting low-cost, branded entry into an underserved market - Strategic targeting of **areas near bullet train corridors, coastal roads, and metro expansion zones** #### 3. **Diversification into Plotted Development** - Entered the **plotted development segment** in **2024–25** with the acquisition of an **88-acre land parcel in Kasara**. - "Belle Vie" project includes **~500 plots** (2,000–7,000 sq. ft.), targeting demand for **second homes and investment properties**. - Plotted development enables **faster cash flows, higher profitability, and quicker IRR cycles**. #### 4. **Focus on Mid/Mass & Aspirational Housing Segments** These segments represent **~85–87%** of the company's total **Gross Development Value (GDV)** additions and future portfolio: - **Price Segments**: - **Affordable**: < ₹10 million - **Mid & Mass**: ₹10–30 million - **Aspirational**: ₹30–70 million - **Premium**: ₹70–150 million - **Super Premium**: > ₹150 million - These segments are the **largest and fastest-growing** demand drivers in MMR. --- ### **Project Pipeline & Capacity** As of **September 30, 2025**: - **24 forthcoming projects** - **Total saleable area**: **23.59 million sq. ft.** - **Estimated GDV**: **INR 430.32 billion (~₹43,032 crores)** - **Hard construction cost to complete**: INR 272.69 billion (excluding ~10% soft costs) - **JV/DM partner net surplus**: Estimated **INR 18.8 billion** **Portfolio Composition**: - **Residential**: 21 projects (87.5%) - **Commercial**: 3 projects - **Mid/Mass & Aspirational segments**: ~87% of residential mix --- ### **Operational Excellence & Technology Integration** Rustomjee leverages **in-house full lifecycle capabilities** supported by: - **Integrated Design Team**: BIM specialists, horticulturists, interior designers - **Building Information Modeling (BIM)** integrated with ERP systems - **AI and data analytics** for marketing optimization and customer targeting - **Digital CRM and virtual reality walkthroughs** for enhanced buyer engagement - **Digital partner portal** for seamless sales execution **Construction Efficiency**: - Reduced **slab casting cycle from 8–9 days to 6 days** (5 slabs/month) - Fast approvals: **170 days from Development Agreement (DA) to notice to vacate**, as demonstrated in Pali Hill & Crescent projects --- ### **Financial & Market Performance** #### **Pre-Sales & Sales Velocity** - **H1 FY26 Pre-sales**: **INR 18.31 billion** (46% of annual target, +9% YoY) - **Q1 FY26**: Record **INR 10.68 billion pre-sales** (+75% YoY) - **FY25 Pre-sales**: **INR 30.28 billion** (+34% YoY) - **FY24 Pre-sales**: INR 22.66 billion (+41% YoY) #### **Project Launches & Business Development** - **H1 FY26**: - Added **3 new redevelopment projects**: GTB Nagar (Sion), Lokhandwala Cluster, Swarganga CHSL (Goregaon East) - **Combined saleable area**: 3.25 million sq. ft. - **Estimated GDV**: **INR 77.27 billion** - **Exceeded full-year FY26 business development guidance by 1.25x** - **Q1 FY26**: Launched **3 new projects** with GDV of **INR 39.67 billion** (double YoY) - **FY25**: Launched **8 projects** with **GDV of INR 50.19 billion** --- ### **Marquee Projects & Brand Strength** - **Flagship Developments**: - **Elements** (Juhu) - **Paramount** (Khar West) - **Seasons** (Bandra East) - **Urbania** (Thane) - **Crown** (Prabhadevi) - **180 Bayview** (Matunga West) - **La Familia** (Thane) - **Crown Project**: A benchmark development with **OC received** for multiple towers; less than **20% inventory unsold** in Tower C --- ### **Subsidiaries & Strategic Partnerships** - **Subsidiaries**: - **Redgum Realtors Private Ltd.** (JV, value: ₹2,691 crores, parent stake: ₹1,475 crores) - **Mt. K Kapital Private Ltd.** – SEBI-registered **Category II AIF** with ₹790 crore corpus, focused on **ESG-aligned redevelopment projects** - Anchor investors: SBI, Famy Group, ICICI - Rustomjee earns **development partner returns + 20% sponsor equity** - **Joint Ventures**: - **Urbania (Thane)** with **Keppel Land** (51% economic interest) - **Ajmera Luxe Realty** (50:50 JV for Bandra West luxury project) - **Kapstone Constructions** (100% owned by Keystone, includes Rustomjee Crown project) --- ### **Key Differentiators** 1. **Leadership in MMR Redevelopment**: Over **15,000 homes delivered**, specializing in high-barrier, complex redevelopment 2. **Asset-Light Scalability**: High ROE, low leverage, rapid capital recycling 3. **Data-Driven Expansion**: Proactive market entry into emerging corridors 4. **Integrated Service Ecosystem**: - **Finserve**: Home loan assistance - **Lease Smart**: Rental solutions - **Fifth Wall Designs**: Interior design - **Crest**: Property & hospitality management 5. **Strong Stakeholder Trust**: Preferred partner for housing societies and institutions due to **transparency, on-time delivery, and rehousing expertise** ---