Keystone Realtors Ltd. has entered into an agreement for sale with Haren Textiles Pvt. and Harit Synthetic Fabrics Pvt. for 16,152.3 square metres of land in Mumbai.
The real estate company has acquired the land in Dahisar (East) for development purposes, for a cash consideration of Rs 218.5 crore, according to an exchange filing on Monday.
The company, which operates the Rustomjee brand, expects to generate a potential of approximately 6 lakh sq ft of carpet area from the development of the land, as per the extent of the provisions of the Development Control and Promotion Regulations for Greater Mumbai, 2023.
Consideration under the agreement is on a staggered basis, subject to the fulfilment of necessary conditions precedent, it said.
Shares of Keystone Realtors closed 1.32% higher at Rs 561.70 apiece on the BSE, as compared with a 0.5% decline in the benchmark Sensex.
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