Rustomjee Group to foray into Pune market, eyes 100 acres for township projects: CMD Boman Irani

Boman Irani, CMD of Keystone Realtors (Rustomjee Group), said the company is exploring two proposals in Pune, involving land parcels of around 100 acres

Mumbai-based listed real estate developer, Keystone Realtors Ltd, also known as Rustomjee Group, plans to foray into the Pune real estate market. The company is currently exploring two potential land parcels of around 100 acres for a township project in the Pune real estate market, Boman Irani, CMD of Rustomjee Group, told HT.com

We are currently exploring projects for Pune, and any new entry in a new city will not happen immediately but only by next year. We have announced a project in the Nagpur real estate market, and we will soon announce the launch of that first and later get into Pune, Boman Irani, CMD of Rustomjee Group, said. (HT Files)

This will be the third city for the company to enter after it announced its foray into the Nagpur real estate market around three months ago.

"We are studying two proposals right now in a joint development (JD) model for the Pune real estate market, and I can say they are for a size of around 100 acres. We want to do township, and that is what we have done in the Mumbai Metropolitan Region (MMR). I am not saying we did 100 acres in MMR, but large projects," Irani said.

"We are exploring projects for Pune currently, and any new entry in a new city will not happen immediately, but only by next year. We have announced a project in the Nagpur real estate market, and we will soon announce the launch of that first and later get into Pune. However, it goes without saying our major focus remains to be MMR and redevelopment of old buildings in MMR," Irani said.

Are sales softening in the Mumbai real estate market?

According to Irani, in certain pockets the interest is very high, and in certain pockets the interest is not that great. “I have already said this before, and also, we need to see that affordable housing is not doing that great. I feel that what I experience is the mid mass and aspirational segment in ₹1 crore to ₹7 crore, the demand is high, and the supply is not adequate. And whenever you say for Mumbai, when you hit the sweetspot of ₹3.5 crore to ₹5 crore, we find a good amount of interest.”

"When we look at MMR, there are eight to nine markets in one, and there are various sizes, price points, and requirements, which makes MMR more interesting. Amid all this, when you are able to gauge where your product will work, you are able to sell over time. My big bet is the ₹5 crore sweetspot, which I see as a continuously growing market for Mumbai city, and ₹1 crore to ₹3 crore will always be the darling," Irani said.

Focus on redevelopment

The company announced three redevelopment projects for its Mumbai portfolio during the first quarter of FY26. These include GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL, adding 3.25 million sq ft of saleable area with an estimated GDV of ₹7,727 crore.

In total, the company has around 18 ongoing projects in MMR measuring around 8.61 million sq ft and has 26 projects upcoming of around 23.79 million sq ft. 16 out of these 26 projects are in the price range of ₹1 crore to ₹7 crore.

Q1FY26 results

On August 5, Rustomjee Group reported its highest-ever quarterly pre-sales of ₹1,068 crore in Q1FY26, up 75% year-on-year. However, its consolidated net profit fell 44% to ₹14.51 crore from ₹25.82 crore in the same quarter last year.

Total income dropped to ₹288.64 crore in Q1FY26 from ₹437.20 crore a year ago.