Keystone Plans Rs 30bn Bandra Project, Bullish On Sales

24 Dec 2025 CW Team

In an interview, Irani said Keystone Realtors recorded property sales worth Rs 18.39 billion in the first half of 2025–26, marking a 40 per cent year-on-year increase. The company had guided for project launches worth Rs 70 billion during the full financial year. Of this, four projects with a combined gross development value of Rs 49.16 billion were launched between April and September, while another four projects worth Rs 48.32 billion are planned in the second half.

Irani said the company expects to invest around Rs 9.5 billion this year in the construction of ongoing projects to ensure timely delivery. Pure construction expenditure is estimated to be about 15 per cent higher than the Rs 8.3 billion spent in 2024–25. Commenting on market conditions, he said housing demand in the Mumbai Metropolitan Region remains strong from both end-users and investors, driven by wealth creation from robust economic growth and buoyant equity markets.

He added that surplus capital is increasingly being channelled into residential real estate, which continues to be a preferred investment option, and that any reduction in home loan interest rates would further support demand. Keystone Realtors follows an asset-light model and is a major player in redevelopment-led housing projects. To date, the company has delivered over 26 million square feet of built-up area and handed over more than 17,000 apartments to customers.

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Mumbai-based Keystone Realtors, which sells homes under the Rustomjee brand, plans to launch a super-luxury residential project at Bandstand in Bandra next month with a gross development value of about Rs 30 billion, according to Chairman and Managing Director Boman Irani. He said the company remains confident of achieving its sales bookings target of Rs 40 billion in the current financial year, supported by strong housing demand. In an interview, Irani said Keystone Realtors recorded property sales worth Rs 18.39 billion in the first half of 2025–26, marking a 40 per cent year-on-year increase. The company had guided for project launches worth Rs 70 billion during the full financial year. Of this, four projects with a combined gross development value of Rs 49.16 billion were launched between April and September, while another four projects worth Rs 48.32 billion are planned in the second half. Irani said the company expects to invest around Rs 9.5 billion this year in the construction of ongoing projects to ensure timely delivery. Pure construction expenditure is estimated to be about 15 per cent higher than the Rs 8.3 billion spent in 2024–25. Commenting on market conditions, he said housing demand in the Mumbai Metropolitan Region remains strong from both end-users and investors, driven by wealth creation from robust economic growth and buoyant equity markets. He added that surplus capital is increasingly being channelled into residential real estate, which continues to be a preferred investment option, and that any reduction in home loan interest rates would further support demand. Keystone Realtors follows an asset-light model and is a major player in redevelopment-led housing projects. To date, the company has delivered over 26 million square feet of built-up area and handed over more than 17,000 apartments to customers.

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