Torbit Spotlight 25th June 2023

Keystone in Expansion Mode, With Rs 3430 Crore Projects  

Mumbai based leading developer Keystone (marketing products under the brand name of Rustomjee), has added five new projects to its portfolio with fresh acquisitions in Mumbai. These projects have a gross development value (GDV) of Rs 3430 crore and gross development potential of 1.28 million sq ft.

These projects are located in Mumbai’s high potential localities of Bandra, Mahim, Versova and Chembur. The company launched four projects in Virar, Thane, Juhu and Bandra during the financial year and successfully managed to sell 1.03 million sq ft space.

According to Boman Irani, CMD, Keystone Realtors, out of the five newly acquired projects, four are society redevelopment projects while the fifth one is a joint development project. The recent acquisitions have helped the company enter into new micro markets of Mahim, Chembur and Kalyan- Dombivili.

Keystone’s asset light policy paid dividends. It recorded 36% increase in its 2022-23 collections at Rs 1860 crore and notched up best ever quarterly collections for March quarter at Rs 700 crore, up 53% from a year ago. Buoyed by this stellar performance, the company has chalked out plans to launch a project every quarter in 2023-24.

Smart Cities Sub Plan to Promote Integrated Urban Management

The Union government has accorded approval to CITIIS 2.0 (City Investment to Integrate & Sustain) programme that seeks to support projects promoting a circular economy with focus on integrated urban management.

The CITIIS initiative is meant to scale up the learnings and successes of CITIIS 1.0 which was launched in 2018 by the Ministry of Housing and Urban Affairs, with a total outlay of Rs 933 Crore. The funding for CITIIS 2.0 to be run in partnership with the French Development agency (AFD), Kreditanstalt fur Wiederaufbau (KfW), the European Union and the National Institute of Urban Affairs (NIAU) would include a loan of Rs 1760 crore.

The CITIIS 2.0 programme will be supporting competitively selected projects promoting a circular economy with focus on integrated waste management at the city level, climate-oriented reform actions at the state level and institutional strengthening and knowledge dissemination at the national level.

The CITIIS 2.0 programme will be spread over 4 years, starting this financial year.

Shriram Properties’ Rs 750 crore Scaleup Plan

Riding high on its all-time high sales bookings of Rs 1846 crore and sales volumes of 4.02 million square feet in FY 23 as against 3.8 million square feet in FY 22, Bengaluru’s leading real estate developer Shreram Properties has lined up an investment of Rs 750 crore in FY 24 for the construction of its ongoing and new residential projects.

According to M Murali, Chairman & Managing Director, Shriram Properties, the company is presently developing 26 projects /phases and has another 25 projects in the pipeline. Considering the high demand for mid-segment and affordable homes, the company will be spending 50% more than its last fiscal’s capex of Rs 500 crore. It is targeting 20% growth in volume terms and 25% growth in value.

AIPL Leases Over 5lakh sq ft of Commercial Space

Gurugram-based real estate company Advance India Projects Limited (AIPL) has leased about 5 lakh sq ft of office space in its A plus grade office complex- AIPL Business Club. on Gurgaon’s Golf Course Extension Road. It has a total leasable area of about 6.75 lakh sq ft along with retail outlets and a food court.

According to Ishaan Singh, Director AIPL, besides having prime location and state-of-the-art amenities including food court, swimming pool, landscaped terrace, prayer room and exquisite design and architecture, the sustainability focus on AIPL Business Club with LEED gold and GRIHA 4-star certification has been responsible for attracting well known domestic and international brands in commercial office and retail segment.