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

The Mumbai-listed real estate company Rustomjee Group, also called Keystone Realtors Ltd., intends to join the Pune market.According to Boman, the company is considering two parcels of land totaling about 100 acres for a township venture in the Pune real estate market. Irani, CMD, Rustomjee Group, to HT.com.

This will be the third city for the firm to venture into following the announcement of its entry into the Nagpur real estate market a couple of months back.

We are currently creating two joint development (JD) model proposals for the Pune real estate market, and I can say with certainty that they are for a region of about 100 acres. We wish to develop townships, and that is what we have succeeded in doing in the Mumbai Metropolitan Region (MMR). I am not saying we accomplished 100 acres in MMR, but big projects," Irani added.

We are looking at Pune projects now, and a new entry in a new city will not be possible at once but only by next year. We have put out an announcement on a project in the Nagpur property market, and we will announce the launch of that first and then enter Pune. But it is needless to say our prime focus still is to be MMR and the redevelopment of old MMR buildings," Irani said.

Are real estate sales softening in Mumbai?

As per Irani, in some pockets there is very high interest, and in some pockets there is not much interest. We need to see that affordable housing is not doing that well, as I have previously stated." I believe that what I am seeing is the mid-mass and aspirational segment between ₹1 crore and ₹7 crore; demand is strong, and the supply is not sufficient. And whenever you mention Mumbai, when you strike the sweet spot between ₹3.5 crore and ₹5 crore, we see a good volume of interest.

When we consider MMR, you have eight to nine markets bundled into one, and there are different sizes, price ranges, and needs, so MMR is more exciting. In the midst of all this, when you can estimate where your product will succeed, you can sell in the long run. My big bet is the ₹5 crore sweet spot, which I perceive as a perpetually increasing market for Mumbai city, and ₹1 crore to ₹3 crore will always remain the favorite," Irani stated.

Exclusivity on redevelopment

The business declared three redevelopment schemes for its Mumbai portfolio in the first quarter of FY26. They comprise GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL, bringing 3.25 million sq ft of saleable area with an approximate GDV of ₹7,727 crore.

Together, the company has approximately 18 projects ongoing in MMR with an area of approximately 8.61 million sq ft and has 26 projects in the pipeline with an area of about 23.79 million sq ft. 16 of these 26 projects fall in the range of ₹1 crore to ₹7 crore.

Q1FY26 results

On August 5, the Rustomjee Group announced quarterly pre-sales of ₹1,068 crore, a 75% increase from the previous year.But in the same quarter last year, its consolidated net profit fell 44% to ₹14.51 crore from ₹25.82 crore.

Total income declined to ₹288.64 crore in Q1FY26 from ₹437.20 crore a year earlier.