Rustomjee Adds Rs 77 Billion Redevelopment Projects in Q1 FY26

08 Jul 2025 CW Team

Mumbai based Keystone Realtors Ltd (Rustomjee Group) strengthened its redevelopment pipeline in the June quarter by adding three Mumbai schemes—GTB Nagar, Lokhandwala Cluster and Swarganga CHSL. The trio contributes 3.25 million sq ft of saleable area with an estimated gross development value (GDV) of about Rs 77.3 billion, cementing the developer’s leadership in the city’s redevelopment market.

Operationally, the group launched three projects totalling 0.91 million sq ft and valued at roughly Rs 40.0 billion, already achieving 57 per cent of its full year FY26 launch target.

The strong pipeline was matched by record sales performance. Pre sales in Q1 FY26 rose 75 per cent year on year to Rs 10.7 billion, while collections advanced 19 per cent to Rs 5.8 billion.

Credit rating agency ICRA responded by upgrading Keystone’s long term rating to ‘ICRA A+’ (stable) and its short term rating to ‘ICRA A’ (positive), citing improved cash flow visibility and a healthier balance sheet.

Chairman and managing director Boman Irani said the robust first quarter showing “lays a strong foundation for FY26”. He added that Mumbai’s redevelopment opportunities remain a strategic focus and that the company has already surpassed its full year guidance for new additions, positioning it “confidently” to deliver sustained value for stakeholders.

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