Keystone Realtors Limited, a leading real estate developer in Mumbai, said it acquired a 16,152 sqm plot of land in Dahisar (East) for Rs 218.5 crores, one of its biggest purchases of land.
The plot was purchased from Haren Textiles Private Limited and Harit Synthetic Fabrics Private Limited.
According to the company, the land has a development potential of approximately 6 lakh sq ft of carpet area for residential or commercial projects, as per Mumbai’s Development Control Regulations 2023.
The deal was executed through an Agreement for Sale signed on November 8.
As per the agreement, Keystone will pay the consideration amount in a staggered manner, subject to fulfillment of conditions precedents. The company has clarified that this is not a related party transaction and the promoters or promoter group companies do not have any interest in the entities selling the land.
For Keystone Realtors, which is mainly into residential real estate, this will diversify its portfolio and revenue streams. Established in 1995, the company already has several completed and ongoing projects across Mumbai and its suburbs.
This will be one of the largest land acquisitions by the company in recent years. According to industry experts, land parcels in Mumbai are scarce and expensive, so companies have to plan well in advance to acquire plots for future development. The new plot’s location in Dahisar also opens up opportunities for Keystone as it is an emerging residential and commercial hub.
An official company statement said the land purchase is in line with Keystone’s strategy to expand its presence across Mumbai Metropolitan Region. It will provide the required boost to the company’s growth plans and allow it to launch new projects to meet the housing demand.