Keystone Realtors Ltd (NSE: RUSTOMJEE) Q3 2025 Earnings Call dated Feb. 11, 2025
Corporate Participants:
Boman Irani — Chairman & Managing Director
Mehta Chandresh Dinesh — Executive Director
Analysts:
Pritesh Sheth — Analyst
Devansh — Analyst
Ritik Seth — Analyst
Harsh Pathak — Analyst
Neel Mehta — Analyst
T.D Patel — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Keystone Realtors Limited Q3 FY ’25 Earnings Conference Call.
As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr Pritesh from Axis Capital. Thank you, and over to you, sir.
Pritesh Sheth — Analyst
Thank you and good afternoon, everyone, and welcome to the call. We have with us the management of Director by Mr Bhamani Rani, who is the Chairman and Managing Director; Mr Chandesh Mehta, Executive Director; Mr Percy Chaudhary, Executive Director; Mr Sajal Gupta, the Group’s Chief Financial Officer.
I’ll hand over the call to the management for their initial comments and then we can open the floor for question-and-answer. Over to you,.
Boman Irani — Chairman & Managing Director
Good evening, everyone, and welcome to our Q3 FY ’25 earnings conference call. I am, Chairman and Managing Director of Keystone Realtors Limited. I extend my heartfelt gratitude to all of you for joining us today.
At the beginning, I’m very happy to report that we’ve achieved our full-year pre-sales for the last financial year within the first-nine months of FY ’25. This has been driven by a series of successful launches. We had given a guidance of INR4,000 — we have given a guidance of INR6,000 crores of launches. We’ve already launched INR4,057 crores worth of projects. As we close the 3rd-quarter of FY ’25, we are on-track to achieve our full-year guidance that we had shared earlier.
I’m very excited to walk you through our impressive achievements during this period, which highlight our ongoing growth and our commitment to excellence. In Q3 FY ’25, we’ve seen remarkable growth with pre-sales touching INR863 crores, reflecting a 40% year-on-year growth. Our total pre-sales for the first-nine months of FY ’25 have reached INR2,174 crores, marking an impressive 53% increase from last year. This surge in-demand validates our strategic direction and demonstrates the growing trust our customers place in our products.
A standout achievement in this period has been a project in Bandra West called Sanjeep, which not only sold the highest percentage of inventory of the available stock to sell, but also set a new benchmark with a per square-foot rate at about 1.16 lakhs on carpet area basis. This underscores the premium value of our project offer to our consumers. Our brand’s reach and resonance have been further strengthened by comprehensive marketing campaigns both online and offline. We’ve targeted a very diverse customer-base by using impactful 360 rig degree campaigns for our key projects as well as engaging NRIs through memorable initiatives like India Calling and Times Square. We continue to build emotional connections with our customers.
Our commitment to innovation, sustainability and industry excellence has been recognized earning us accolades such as the Best All Award at the MCHI, MCHI exhibition and a stop spot in Construction week’s top-five projects. As we move forward, our goal is clear to continue delivering exceptional value to our customers, upholding the strength of our brand and leading the industry with both passion and purpose.
In terms of collections, we’ve achieved a collection of INR542 crores in Q3 FY ’25. This is a 20% increase from INR452 crores in Q3 FY ’24. Our total collections in the first-nine months of FY ’25 stand at INR1,579 crores. We remain confident in our strategy to further enhance collection efficiency and continue to generate strong cash flows. In this connection, one key focus area is accelerating our construction pace. We have put in systems and processes to further improve our efficiency and exceed our timeline commitments and delight our consumers with quicker project delivery and optimize our collection cash flows.
As the construction, we have received an impressive milestone of about five slabs in just one month, reducing our slab cycle from eight to nine days to just six days. We’ve successfully launched five new projects in nine months of FY ’25. These projects encompass a total salable area of 3.12 million square feet and an estimated GDV of INR4,057 crores. The demand for our products remains robust and we are excited about the pipeline of upcoming projects in the remainder of FY ’25. A key highlight from the previous quarter is the significant progress of our upcoming project when we have successfully cut short the timeline between DA and issuing the notice to to just 170 days. This is another testament of our strong ability in the redevelopment sphere.
In terms of business development, I’m pleased to share that Q3 FY ’25, we’ve added two new projects with a combined GDV of INR980 crores. These are redevelopment projects again and strengthen our leadership position in this segment. They further solidify our standing in the redevelopment space. Overall, in the nine months of FY ’25, we have successfully added six projects with an estimated GDV of INR3,297 crores, achieving about 82% of our FY ’25 guidance of INR4,000 crores in BD. Since FY ’23, we have added 19 projects with a total estimated GDV of INR16,276 crores. Of these 16 are in the redevelopment. 14 of these fall in the mid and aspirational category, which we’ve said time and again is one of the largest and fastest-growing segments for Mumbai and MMR. This aligns with our strategy to expand in these segments. These additions highlight our ongoing commitment to growth and leadership. I’m confident in our ability to continue adding and successfully executing new projects. The redevelopment opportunity in Mumbai is significant and we keep emerging as the most trusted developer in this space and we are well-positioned to capitalize on the current momentum.
With a very strong balance sheet, we are well-capitalized and ready to seize these opportunities. During the nine months of FY ’25, we generated an OCF operating cash-flow of INR353 crores, supporting the accelerated pace of new launches. Our investment in new projects during this period has been INR396 crores. This is approximately 1.5 times higher than the same-period last year. The increased investment positions us well to develop a strong pipeline for projects ready to launch.
Moving to our consolidated financial performance. We’ve reported a revenue from operations of INR464 crores for the Q3 FY ’25. For the first-nine months, our absolute EBITDA number has grown from INR96 crores to INR225 crores, that is by 134% year-on-year. Our PAT number has also grown from INR81 crores to INR121 crores, that is 50% year-on-year growth in the first-nine months. Our liquidity, our gross debt stands at approximately INR373 crores with a gross debt-to-equity ratio of 0.14 is to one at the end-of-the Q3 FY ’25. This is very well within our guidance. Our total free-cash at the end of Q3 is INR854 crores, indicating a very strong liquidity position. Our net-debt is zero. Additionally, we continue to maintain a A credit rating with a positive outlook as assigned by Aecraft.
As we progress through Q3 FY ’25, I’m pleased to share we have taken significant strides towards our commitment to environment, social and governance principles. We have engaged extensively with internal stakeholders through surveys, cementing our dedication to sustainability and inclusivity. Our transition to green tariff for our Mumbai suburban projects is progressing very well. This demonstrates our proactive approach to renewable energy during our construction phase.
We are also ensuring rigorous data verification processes for all our projects, aligning with our DRSR reporting commitments, especially on health and safety. We’re making substantial progress with our sustainability efforts, including the initiation of a near-net zero carbon project at, which is our product development in Kasara. We’ve completed our sustainability report for FY ’23-’24 and are setting ESG goals across various functions. We’ve conducted training sessions for our teams on IGBC Green building certification, are in the process and we are in the process of finalizing our supplier code of conduct. Also, I’m pleased to mention that we have received IGBC Green Home Silver rating at one of our residential projects in Arbania, Thane.
A safe working environment is always-on top of our mind. Our goal is zero fatal accident and we are excited to state that one of our projects has achieved 5 lakh safe man-hours with no lost-time, no injuries or fatalities and no mentionable incidents. Our performance in Q3 FY ’25 reflects our robust growth trajectory, commitment to project execution and our maintaining our leadership in this market. As we continue to build-on the significant momentum, I’m confident that we are poised for a strong year ahead. The fundamentals of our company remain strong and we are confident in our ability to not only achieve our guidance, but to surpass it.
Thanks to the recently-announced budget, we are pretty confident the real-estate market will continue to stay robust. The demand for our products remains robust and we are excited about the strong pipeline of upcoming launches for the remainder of FY ’25, further, our asset-light model with a focus on redevelopment opportunities, particularly in Mumbai, continues to be a key driver of our growth as the most trusted partner in this space, as mentioned earlier, we are strategically positioned to leverage the vast redevelopment potential in the region. And with our strong balance sheet and healthy capitalization, we are fully equipped to seize these opportunities and create sustainable value for our stakeholders. Together, we are on this exciting journey and are determined to maintain our upward trajectory and exceed the expectations with all of you. Let’s embrace the opportunities ahead and continue to build-on the momentum. We remain committed to delivering substantial value to all our stakeholders and positioning ourselves as a leading developer of our industry.
I’d just like to say I’m very proud to share our commitment to excellence has been recognized through various prestigious awards such as the India Top Builders 2024 in the National category at CWAB Awards. Maharashtra State Best Employer Award at the 19th Employer Brand Awards. Our ultra luxury project with Sanjee Ocean Vista was awarded ultra luxury Project of the Year at the Plus Excellent Award — Excellence Awards. We celebrated Skyspaper of the Year accolades for Crown at the Realty Plus Excellence Awards 2024. We were recognized as a transfer — with the Transformation of Excellence Award for our project in Bandra East at Times redevelopment Award, underscoring our impact in transforming communities. Further, we secured the first position in residential real-estate brand category across 1,000 brands in 34 categories and 16 cities. We received India’s most desired real-estate residential brand 2024 award by TRA Research. These are colleagues inspire us and reaffirm us on our mission to set new benchmarks in the real-estate sector.
As we move forward, we remain dedicated to creating superior value for all of you and capitalizing on the opportunities ahead. Thank you for your continued support, and I look-forward to addressing any questions you may have. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on Yata Stone telephone if you wish to remove yourself from the question queue, you may press star in two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Devansh Tru from Aequintus Wealth Advisory. Please go-ahead.
Devansh
Hello. Am I audible?
Operator
Yes, sir, please go-ahead.
Devansh
Yeah. Hi, sir. Congratulations on a great set of numbers. I just wanted to know a couple of questions actually. So first on the side of launches. So why have we — why have we seen no launches in this quarter? And particularly if we see the guidance, it’s around eight projects in — for the full-year and we are at 5. So will the balance launches be seen in the quarter-four of this year or can you can just shed some light upon it?
Boman Irani
So thanks, for that question. As I mentioned earlier, we’ve already completed five launches in the first two quarters. This quarter, we — I mean, in our coming quarter, you’re going to see our further three launches and I’m fairly confident that these are well on the way to be launched in the immediate future. So we would have achieved our guidance of eight project launches with about INR6,000 crores GDV. So we are well on our way. And yes, this quarter we did not have any launches, but you’re aware of the entire fact that we have taken five launches already in the first two quarters. So we were little ahead and we will catch-up in this quarter and we’ll be able to give the three launches that are due focus.
Devansh
Any challenges that we had witnessed or it’s just a lag?
Boman Irani
Actually, you know, we’ve had a phenomenal outcome from the launches that we’ve had and our sales have been stellar. As mentioned to you earlier, we’ve done INR860 odd crores of pre-sales in this quarter itself. Yes, Devansh.
Devansh
Yeah, okay. And another question was on the collection efficiency side. So this quarter, we have seen a dip in collection efficiency. If we see it’s around 63% compared to last quarter that we had with in the last three, four quarters, we had witnessed around 78% 79%. So why has there been a dip this quarter while we have a great PVC sales growth, the collections seem subdued.
Boman Irani
Devansh, thanks for that question. As inform, these sales are now coming out of our fresh launches, right? So basically always when there’s a fresh launch, the collection value is always going to be less, whereas in the earlier time, we had finished products that we were selling, which allowed us to kind of have a higher collection. Having said that, our sales have been extremely robust and our collections have been good. And in-spite of being fresh launches, we’ve had a very good collection cycle.
Devansh
Okay. Okay, okay. Okay, great. Thank you. That’s that’s from my side.
Operator
Thank you. A reminder to all the participants, if you wish to join the question queue, you may press star and one on your touchstone telephone. The next question is from the line of from Oneup Financial Consultant. Please go-ahead.
Ritik Seth
Yeah. Hi, good evening, sir. Sir, a couple of questions from my end. Sir, what is the launch pipeline looking like for FY ’26 with the projects that we already have acquired in last two years.
Boman Irani
So, Riprik, thanks for that question. I’ll have to lean-back on what I just mentioned in my speech right now. We have closed projects about INR16,000 plus crores in the last 19 — in the last two years, right? So that always keeps us very strong in our launch pipeline for the coming years. I’m sorry, I cannot make any commitments right now. But this year itself, you’ve seen that we’ve guided for eight launches and we are already three more will get launched in this quarter. So we’ll be well — well within our guidance or well by our guidance itself of the INR6,000 crore launches and eight project launches this year. Having said that, if anyone’s guess with the number of projects that we’ve taken on and those in the mid-mass and aspiration category, we’ll all be coming up for launches in the next financial year.
Ritik Seth
Safe to say that we’ll try to exceed FY ’25 launch pipeline, FY ’25?
Boman Irani
Yeah,. I mean, honestly, one of the key things at Rustanji has been that we’ve kept growth, which is both sustainable and something that is remarkable or on the growth upward growth trajectory. So we’ve managed through that. We’ve continued to excel from our guidance and we don’t plan to kind of slack out on that one. So our launches in the coming financial year will be higher than at least what we’ve done in the last two, two years itself.
Ritik Seth
So with these projects in-hand already, what kind of projects looking to add-in FY ’26, you earlier mentioned that 1.5 times to 2 times of. So should we go by that guidance for FY ’26 as well?
Mehta Chandresh Dinesh
With which you know, basically has been able to identify newer locations that know when we entered in people who are not looking at and after we entered in, they became suddenly very hot. It isn’t that they became hot after we entered. The fact is our data pointed us towards that much earlier than the other people or the other companies recognize this. Keeping the same thing in mind, we are continuously focused at newer locations at the same point of time, consolidating or growing in the locations we are at. So to give you a — to give you a bird’s eye view, the Western suburb will be where we will continue to focus at the same point of time, the Eastern suburbs will also be growing in our array of projects that we will launch in the future. And as we had mentioned earlier, we are also — we’ve also moved into plotted developments, which will take us to newer shores. And hopefully in the next financial year, we’ll have a launch or two-in-one of the upward — upwardly mobile, I would say, affluent class place of choice and we will have — we will have mega launches over there as well.
Ritik Seth
Okay. So, okay, sure. And sir, my last question is on Crown project. Would it be possible to share the sales figure in units and value in nine months FY ’25.
Boman Irani
Give me a minute, let me just get the exact data so that I am not saying a number which is give me a I’ll come back to that if that’s okay.
Ritik Seth
Yeah, sure. No problem. So that’s it from my side. Thank you and all the best.
Operator
Thank you. Before we take the next question, a reminder to all the participants, if you wish to join the question queue, you may press star in one participants. If you wish to join the question queue, you may press star N1. We take the next question from the line of Pritesh Sait from Axis Capital. Please go-ahead.
Pritesh Sheth
Hi, yeah. Thanks for the opportunity and congrats on a great first-nine months. Just a couple of questions. One on the launch side, you know, while we had great first-half, but not — and not many launches this quarter. Is it just like normal business scores or you know, there is some slowdown in terms of approvals which is impacting our launches or that’s how we planned it for the quarter and Q4 is looking stronger from launch perspective.
Boman Irani
Thanks a lot, Pritesh. And I should say that while there wasn’t really any slowdown as such, but the elections always impede, let’s say, newer project launches at any point of time. So that is what — that is what kind of could have been one of the factors. But very importantly, Pricesh, I should remind everybody that we’ve already launched five projects in the first-half instead of four. So we are if at all-in this project, if I don’t in this quarter, one project launch short, which I’ve already clarified will be — will be something that you will see in this quarter and you’ll see three project launches. We would have well crossed the INR6,000 crore mark that we have set ourselves up for. So we’ve already crossed 4,057. We should be able to cross 6,000 with these three launches coming up in this quarter itself.
Pritesh Sheth
Sure. Yeah. I think I agree. I mean we had a good launches in first-nine months. So just wanted to get a sense from industry perspective, whether things have improved on approvals, et-cetera or not? But second question is on the demand. You know, again, good numbers for us for first-nine months. But looking at how stock markets are doing in last probably three, four months, Mumbai is generally like active in terms of capital market participation. Do you think this stock markets will have any sort of impact in-housing demand in near-term? If you have any data points on that, which you generally look at how much of the stock market, I mean how much of the eventual housing demand is being driven by stock markets to in last two, three years.
Boman Irani
Pritesh, hi, thank you for the question. And basically, I can only point out to the data that is already available with us. So if you look at the data of FY ’24, where Mumbai MMR had crossed 900 plus apartments in the INR10 crore-plus category. I think even last month, and if I’m allowed to say this, January saw data of about 12,000 registrations taking place. So really this slowdown that everybody is — well, there’s some kind of mummer in the market is not really seen where we are — from where we are. Having said that, what is the connection between the stock market and real-estate, I think a very strong portion of the Mumbai buyer base, while of course, Mumbai is to be the head of you know the stock markets, et-cetera, I don’t think — I don’t see such a huge connect — connect at least right now from the way the data is pointing out. So we are still having a very strong buy base from the, let’s say, salaried class, from the smaller business classes. And there’s been a great and strong demand as we’ve seen the data for all the high-end projects I already mentioned, our project in Bandra West achieved price points of INR1.16 lakh per square-foot and we are — we have sold-out and we’re still in, let’s say, the first, I think half year of that project where we are still in the ground and still building up from there. I think it’s a strong promise of delivery that continue to drive driving the sales, especially for products and the strong — the strong belief in the consumer that the product that they’re going to get is going to excel whatever has been shown and we’ve continued to do that. Customer delight has been what we’ve always aimed for and going for the further investor delight is also what we are continually aiming for.
Pritesh Sheth
Sure, that’s pretty helpful. Yeah. Good to know that. Just one last on, again, our near-term trends in terms of demand. Till December, we’ve already seen what you have done. In January, you know, I mean, are you — is the momentum in terms of walk-ins, conversions, et-cetera, still continuing at that same pace for Keystone, what we have been seeing in this part in first-nine months? So just trying to get some insight on how near-term trends are picking-up.
Mehta Chandresh Dinesh
So Pritesh, this is here. So Pritesh, traditionally, December to January has always been a slow month. That is the period where it’s not an auspicious period as far as customers are concerned. So we always see a slowdown between December and January. And actually things start picking-up maybe late in January and going towards the festive season in terms of. So we are seeing that momentum already kicking-in. We have a couple of launches planned to take advantage of this situation. And as mentioned, we have already done a — in the last nine months, we have already — we are close to crossing our full-year pre-sales of the previous financial year. So in that manner, we are very well-poised. We have sold close to around 20% of the spot of the value of the stock that we had launched in the first-nine months. Also, we have seen robust sales and whatever indication we have got from our sales team and from the channel partners in the market for the launches that we have planned in this particular quarter, we hope to surpass the guidance that we have given in the beginning of the year.
Pritesh Sheth
Sure, sure. That’s helpful. And that’s it from my side. All the best.
Operator
Thank you. We take the next question from the line of Harsh Patha from Emkay Global. Please go-ahead.
Harsh Pathak
Yeah. Hi, and team, and thanks for this opportunity. So first of all, congratulations for the good performance this quarter and for the nine months. So my first question is on the performance with respect to this segment — segment-wise. I mean, if you look, your sales have been largely driven with the — by the super-premium category in the — in this December quarter. And even if I look at the nine months performance, it is largely driven by the super-premium and aspirational categories. But you know, when I look at your forthcoming projects, I mean the mix is it seems to be tilted towards the affordable and the midmass segment. So how do you see the performance going ahead? And how do you expect — expect the demand to pan-out maybe from a two to three year perspective?
Boman Irani
Sorry, I missed out on your name.
Harsh Pathak
Harsh. This is Harsh.
Boman Irani
Hi, hi, Harsh. Harsh, thanks for that question. So Harsh, the very fact that we have performed beautifully in the premium and super-premium segments makes us a prime, what do you call choice developer in the aspirational category because the aspirational category by the virtue of its name itself is aspiring towards something much, much better. Having said that, if you see our launches have also been more in this premium category and that is why the sales have been driven by that category. Now we also had a great launch in Sunning where we saw some very good sales taking place. So we are not letting go or seeding our position as a as a developer that you know, does aspiration and bin mass. As a matter of fact, that is an area we’ve continually been focused on and we think we’ll continue to grow because that’s a growing market segment.
And having said that, almost 56% of our sales have come through the aspirational segment itself. So in the nine months, we’ve done INR566 crores in the aspirational and INR653 crores in the midmass. Both put together about INR1,220 odd crores in the — in this segment itself. And coming forward, I mean is also going to be somewhere we’ve been kind of working on at the back-end of the market, building it up, understanding the consumers needs and when we do the launch, I mean, I’m sure I’ll have a story to tell you and you can see the kind of results that we are able to give in that market also because we’ve had a longstanding experience of Hane and. We’ve grown the markets which are in the belt and looks like a great area for greenfield developments that we’ll see to a super spurt in growth of that area given the entire connectivity that area is now witnessing. So we are pretty excited about it.
Harsh Pathak
Right. But then in terms of the new project additions, maybe over the next two to three years, how do you look at, I mean, additions with respect to the different subcategories in the super-premium, aspirational and mid-bass? Maybe we have a sizable inventory on the forthcoming front in the midmass and affordable front. But I think on the aspirational side, the forthcoming projects, which I see in your PPD is around INR4,500 crores and super-premium is close to INR3,900 crores. So I think we have some limited inventory there. So how do you look at new project additions with respect to these categories?
Mehta Chandresh Dinesh
One thing. Yeah. So you look at our forthcoming pipeline in two-parts. One is the township and another is the. Out-of-the total INR41,000 crores, about INR20,000 crores is the township and that is the reason we look basically a larger portion into the midmass and the affordable segment being contributed by Thane and also by the. If I remove the town sheet, you can see the balance pipeline is INR20,000 crores. And out of that INR20,000 crores aspirational is INR4,500 crores, which is a good about 25% of the total pipeline. So going-forward, typically, we have said that we wanted to focus more on the as well as aspirational segment. Our acquisition over the last two years and nine months of the current financial year, there is more than 73% by value we have acquired in this category and we have been able to balance the portfolio whereby we are present across the price points. Typically, our model mix will be about 40%, about 40% premium, super-premium of the total size of the pipeline, about 40% into the and the aspirational segment, 40% 45% and about 10% to 15% coming from the affordable segment. And our pipeline basically has been built and is being built taking into account the model mix.
Harsh Pathak
Okay, got it. But in terms of demand, is there a healthy trend seen in the super-premium segment still or is there something — I mean, is there some moderation happening in that sub-segment?
Boman Irani
Harsh, Boman back here. Yeah. A, I can only tell you what has happened and I can only tell you what our data points towards. We’ve seen a very strong premium and super-premium demand. If you’re asking me, will this demand continue, at least given by the data that I have, I think definitely. And I cannot speak about everybody, but at our end, we do a lot of, you know, what do you call the test segments that we continuously kind of interact with the buying or the consumer base. We’ve seen that this market, at least at this moment-in-time is extremely robust. And it is — I would like to think that it’s robust because of the fact that people are looking at a better life and lifestyle and they are looking for things of value and giving value a better premium over price. So we are seeing a very good demand over here. I can tell you with what we read that at least the next few quarters, there is no slowdown in-demand for the premium segment at all.
Harsh Pathak
Okay. And to dig a bit deeper into this, I mean, which are these data points that we should focus on to actually get confidence in this trend? Is it the number of footfalls? Is it the number of inquiries? I mean, what is the data point we actually focus upon?
Boman Irani
Yes, yes. That is we look at the kind of inquiries that take place for premium homes not only at our website but across websites that are being kind of the those companies that are good on the digital side. Second, we always district consumer buyer basis. We district broker sentiment. We are very specific to how do I say micro down to the area concerned. So if you say Bandra, it’s not Bandra, we are able to give you data of versus Mount Merry and we are able to distinguish between the buyer of these two places also. I hope that answers your question. We are able to kind of really do a deep-dive on digital data, on actual interactions, on what we see in various reports that are appearing and of course, continuously interacting with the broker fraternity. Once again, also wants to add a point-of-view.
Mehta Chandresh Dinesh
Yes. Yes, so Harsh, in terms of data points, what we have been observing is that our conversion ratios may be a prompty to walk-in or from walk-in to a conversion in terms of sales, those ratios are also continuously improving. So these are the data points what we see is which makes us believe that this demand would continue. And so at Ruspanji, also we are looking at exploring newer markets, newer micro markets in terms of premium and luxury. So we are currently not present in the South Mumbai market. Very soon, we are close to acquiring projects in that micro-market. We continue to do well in. So hence in also we are looking at and we have already acquired a project in Prabadev where we are looking at launching a project in Prabadi. So Mahen, which was an a bit subdued location. And now with our launch of 180 day view, we are able to exploit latent demand for luxury and premium in that particular micro-market. So at, where we are constantly on the lookout of where the next growth, the next additional revenue is going to come from. And we are extremely conscious. In each of these newer markets, there is a in-demand which we are looking at exploiting. Does that answer your question, Harsh?
Harsh Pathak
Right, right. No, that’s really encouraging to know and thanks for the elaborate answer. One last bit from my side. So whatever sales we have generated in the super-premium and the aspirational category, has that largely come from the domestic market or there is some element of the NRI buying as well.
Boman Irani
As I mentioned, we try and keep a very good connect with our NRI market as well, but the strongest part — the largest part has come from the local market itself. The offshoots of our outreach in the NRI market will now start seeing a lot more traction and result.
Harsh Pathak
Sure, that’s great. Thanks a lot. Those were my questions. Thanks a lot, team.
Operator
Thank you. Before we take the next question, a reminder to all the participants, if you wish to join the question queue, you may press star and one on your touchstone telephone. The next question is from the line of Neil Mehta from Investec Capital. Please go-ahead.
Neel Mehta
Yeah, hi, sir. Thanks for the opportunity and congrats on a good nine months. My question is more around strategy around identifying which micro markets we want to incrementally grow within. We’ve obviously had a very good presence in the Western suburbs and Thane. But how do we think about newer micro markets in the MMR region? Specifically also Navi Mumbai considering infrastructure obviously has been very good out there and it has also had an airport coming up. That’s my first question. And the second one, not sure if I missed the number, but if you could also quantify what the sales were from Crown during the quarter. Thanks.
Boman Irani
Neil, thank you for the reminder. I was wondering when I could put those numbers in. So we are planning to do about INR370 crores to INR400 crores this year from Crown. This week that answers your question as well. And with regards to your first question, how do I look at newer markets, I think I’d like to say it this way that our data points towards a few markets that we kind of work on and realize before most other people catch on to the trend. We’ve identified Mahi area as a growth area for us. We’ve identified for some time now the Eastern waterways as a growth area for us, wherever the connectivity to the Navi Mumbai side is, where the new airport is coming up. We consistently have seen growth in the Western suburbs. We’ve identified Chembur as an area of growth for us. We think that the connectivity of Chembur and the placement of Chembur in the green spaces around Chembur should also be adding a lot of value to the life of consumers, the way we design our projects and you’ll see a launch coming up shortly. So we definitely work towards these markets.
And as far as our secret sauce goes, though I cannot say more, you pointed us definitely in a direction or other you’ve spoken about a direction where we are definitely pointed towards and we are looking at the newer Mumbai or the Nabi Mumbai market and our BD teams are one part of the BD team is working very strongly. We should have something to announce in this calendar year as a tie-up, but beyond that, there’s not much I can say.
Neel Mehta
Sure, sir. Thanks. Those are my questions. Thanks.
Operator
Thank you. The next question is from the line of TT Patel, an Individual Investor. Please go-ahead
T.D Patel
Congrats on the numbers which you’ve achieved for the last nine months. My question I have got three questions. The first question I have is there a clear date for launching the project which you had undertaken jointly with Ajmera in the beginning of the year.
Boman Irani
Yes, Pateil right. Basically that project is well on its way to launch. As a matter of fact, work on-site has started and I think we should be launching that project June or thereabouts.
T.D Patel
And I mean just a small comment I observe tremendous symbiotic potential between Ajmera and on this project, so I think it will be. It’s gonna be in a great collaboration between the two of you, especially if Ajmera may lean-in more on and I observe that the next question is that I observe you have some recent engagement in Wali are you looking to procure land and what is the minimum land size that you’re looking at?
Boman Irani
So thank you. Thank you, for that encouraging statement about our tie-up with Ajmeras. Basically, has believed in the spirit of partnerships and we’ve — our JV, JDs as well as our redevelopments are all a testament to our ability to work with partners over the longer-term and there have been times where partners have repeated business with us, which is a strong testament to our ability to continue growing in a partnership. With regards to Domi, we had informed the buyers or the markets that we have entered into a JD with a landowner. Again, this is in keeping with the asset-light model. We’ve only put up a deposit and going-forward, all the development is going to be done by us. There is a top-line share with the landowners and is going to be the developer. We do not want to acquire land over there, while we will acquire lands in, let’s say, a future upcoming area. For us is something where we want to kind of make the most of the current boom in that area. And as I mentioned, the connectivity of has seen a tremendous upside with the connectivity to and the entire metro root network going on out there. And over-time, this entire triangle, which is Bombay,, Thane is going to be a great growth area given that UND is continuing to grow as a logistics hub and more-and-more employment generation is taking place out there and people are looking at an alternative to also as a location to live. And will continue to weap the magic out there with what we’ve done in and we’ve seen grow from a 2,000 market to a 25,000 market as of right now. We see a similar trend happening in over the next few years.
T.D Patel
So would you be open to entering JV for 25 acres worth of land in area?
Boman Irani
I’m sorry, I missed your question. 25 acres of land in area?
T.D Patel
Yeah, would you be open to engaging in a transaction or a joint-venture for 25 acres of land.
Boman Irani
There is nothing better than an investor coming and offering us a proposal, we’ll happily look at it. Of course, it will have to fit into our business development norms and we’ve spelled those out well. JVs or JDs have got to be where Russemjee puts in a minimal amount of entry fee and then goes ahead with the entire development basis its ability and capability to turn projects around at the quickest.
T.D Patel
Okay, who’s a relatively good point of contact to work with for this point?
Boman Irani
We have an email ID properties at.com. If you send us your proposal out there, that will be great.
T.D Patel
Thank you. No further questions.
Operator
Thank you. A reminder to all the participants, if you wish to ask a question, you may press the RN1 on your touchstone telephone. Ladies and gentlemen, if you wish to ask a question, you may press the RN1. As there are no further questions, I would now like to hand the conference over to the management for closing comments. T
Boman Irani
Hank you. On behalf of Management, each and every one of you a big gratitude from my heart. In case there are any further queries, we are always available, please feel free-to reach-out to us and we’ll be happy to take care of any queries that you may have. Thank you for your continued support and interest in Keystone Realtors Limited. Have a lovely evening.
Operator
Thank you, members of the management. On behalf of Axis Capital, that concludes this conference. Thank you for joining us and you may now disconnect your lines.