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Rustomjee Group to deepen focus on redevelopment in Mumbai, 78% of projects added since FY23 in this segment, says CMD Boman Irani
Mumbai real estate: Rustomjee Group plans to strengthen its presence in the western suburbs, particularly Versova, Bandra, and Andheri, along with other areas
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Rustomjee Group plans to continue focusing on redevelopment projects across the Mumbai real estate market. 21 of the 27 projects added to its portfolio since FY23 are redevelopment projects, having a combined gross development value (GDV) of ₹31,079 crore, said Boman Irani, chairman and managing director of Keystone Realtors Ltd (which operates under the Rustomjee brand), during the company's Q2FY27 earnings call.
The developer is looking to strengthen its presence in Mumbai's western suburbs, particularly in locations such as Versova, Bandra, Andheri and Mahim, where it sees significant redevelopment opportunities. Irani said the company is continuing to acquire redevelopment projects in emerging growth corridors and is looking to add several projects to its portfolio in these locations.
"We are continuing to acquire redevelopment projects, preferably redevelopment projects in the upcoming growing belts. We are focused on Versova. We are still focused on Bandra, and we are going to lock in a lot of projects in these areas. Andheri and Mahim are two other areas where we have been keenly focused. As you are aware, the western suburbs continue to provide us the largest possible potential and pipeline," Irani said during the earnings call.
The company is also close to finalising three large redevelopment projects in Mumbai's western suburbs, each having an estimated GDV of around ₹1,000 crore, Irani said.
According to the company's earnings-call presentation, Keystone Realtors added two projects to its portfolio in the first half of FY27, with an estimated GDV of ₹547 crore. Since FY23, the company has added 27 projects with a combined estimated GDV of ₹31,079 crore, of which 21 are redevelopment projects. Of the total portfolio, 23 projects cater to the luxury, super-premium, premium and emerging-premium housing segments.
The company also outlined its longer-term growth strategy during the earnings call. Irani said the developer intends to deepen its presence in Mumbai redevelopment while expanding into other real estate segments, including plotted developments and commercial real estate.
GTB Nagar cluster redevelopment project to be launched in Q4FY27
According to the company, it plans to launch the first phase of the GTB Nagar cluster redevelopment project around February.
"We are looking at the big launch of the GTB Nagar in the fourth quarter. The site is already vacated; whatever little last-mile vacation is happening should be done by February, and we expect to launch this project. The first phase we are launching is expected to give a GDV of ₹2,500 crores," Sajal Gupta, Group CFO informed during the call.
Also Read: MHADA, Rustomjee arm, and housing societies sign pact for GTB Nagar redevelopment in Mumbai
On the operational front, Keystone Realtors reported its highest-ever quarterly presales of ₹1,423 crore in Q2FY27, an 84% increase from ₹772 crore in the corresponding quarter last year. Collections during the quarter stood at ₹541 crore, while revenue from operations was ₹497 crore. EBITDA doubled year-on-year to ₹74 crore from ₹37 crore in Q2FY26.
For the first half of FY27, the company's presales stood at ₹2,041 crore, up 11% from ₹1,839 crore in the corresponding period last year. The company has set a full-year presales guidance of ₹5,000 crore and said it had achieved 41% of this target during the first half of the financial year.
