Mumbai-based Keystone Realtors’ Rustomjee brand closed the third quarter of FY26 with a steady operational showing, underlining the company’s growing confidence in Mumbai’s redevelopment-led housing cycle. While quarterly pre-sales saw a marginal year-on-year dip, the larger story lies in the company’s cumulative performance and its expanding project pipeline.
Pre-sales for Q3FY26 stood at Rs. 8.37 billion, compared to Rs. 8.63 billion a year earlier. On a year-to-date basis, however, pre-sales climbed to Rs. 26.76 billion, marking a 23 percent growth over FY25 and achieving 67 percent of the full-year guidance within nine months. Collections followed a similar trajectory, reaching Rs.17.68 billion for YTD FY26, up 12 percent year-on-year, reflecting stable demand and disciplined cash-flow management.
Project activity remained brisk. During the quarter, Rustomjee launched La Vie – Tower D at its Urbania project in Thane, with an estimated gross development value of Rs. 9.19 billion. This took total launches for YTD FY26 to five projects with a combined GDV of Rs. 58.35 billion, translating into 83 percent of the company’s full-year launch guidance already achieved.
Business development emerged as a standout. The company added one redevelopment project in Andheri West during the quarter, and four projects cumulatively in FY26 so far, with an estimated GDV of Rs. 86.49 billion. All additions are redevelopment-led, reinforcing Rustomjee’s focus on this segment and enabling it to surpass its full-year business development guidance ahead of schedule.
On the execution front, Rustomjee completed three projects during YTD FY26, covering nearly 2 million sq. ft across Rustomjee Paramount Wing F” (Part OC) at Khar, Rustomjee Crown - Tower C” (Part OC) at Prabhadevi and Rustomjee Belle Vue – Phase 1” Plotted development at Kasara. The company’s financial standing also saw an upgrade in sentiment, with India Ratings assigning an A+ rating with a positive outlook, alongside ICRA’s A+ stable rating.
Commenting on the quarter, CMD Boman Irani said the company’s consistent execution, strong pipeline and redevelopment expertise position it well to capture future demand. With Mumbai’s redevelopment market continuing to open up opportunities, Rustomjee appears firmly placed to sustain momentum through the remainder of FY26.
He said, “Our robust pipeline positions us well to capitalize on upcoming demand, and I am confident in our ability to not only acquire new projects but also execute them efficiently. Redevelopment in Mumbai continues to remain a core strategic focus, offering immense potential for sustained value creation. As one of the most preferred redevelopment players in the MMR region, we are uniquely positioned to capture these opportunities and strengthen our leadership in this segment. Our performance across business development and new launches underscores our agility, execution capabilities, and commitment to sustainable growth. Supported by a strong balance sheet and prudent capital allocation, we are well positioned to maintain momentum across acquisitions and project launches throughout the remainder of the year. We remain confident in our ability to consistently deliver long-term value to all stakeholders as we navigate the opportunities ahead.”
