Keystone Realtors Ltd, which makes apartments under the Rustomjee brand, reported a 78% jump in its pre-sales during the fourth quarter.
For the fourth quarter of FY24, Keystone Realtors recorded pre-sales of Rs. 843 cr, representing a 37% quarter-on-quarter and a substantial 78% year-on-year growth.
Collections, or the actual money collected from customers including installments for flats booked in previous quarters, stood at Rs 670 cr, representing a 48% quarter-on-quarter increase.
It should be noted that pre-sales is the value of units or properties sold by a real estate developer before the completion of the project, while collections refers to the actual amount of money received. Revenue is still different, and is the value of the properties completed and handed over to customers during a quarter.
For the full year, pre-sales rose 41% to Rs 2,266 cr, beating the company's own projection of a 25% year-on-year growth. Collections for the year rose 18% to Rs 2,203 crore.
During the fourth quarter, Keystone Realtors launched two projects, Panorama in Pali Hill and Stella in Bandra East, with a combined Gross Development Value (GDV) of Rs 735 crore. During the year, the company launched a total of six projects with an estimated GDV of Rs 3,000 cr.
The company added four projects during the quarter worth Rs 2938 cr, and nine projects worth Rs 8,035 cr during the full year.
In terms of project completions, Keystone Realtors completed six buildings with a construction area of 1.46 million square feet during Q4FY24. Throughout FY24, the company completed 12 buildings with a total construction area of 4.65 million square feet.
The company said it has managed to surpass its guidance on most of the its operational and financial parameters during the year.