Boman Irani, CMD of Rustomjee Group, said that despite reports of a ‘slowdown’ and some moderation in sales volumes, the company continues to see healthy traction. He credited this to its strategy of focusing on demand-driven locations, supported by a data-led approach that tracks the city’s expansion and upcoming infrastructure to assess the impact of improved connectivity on growth.
He said that the company will maintain its focus on redevelopment and cluster redevelopment projects across the Mumbai Metropolitan Region (MMR).
“The demand overall, according to us in the Mumbai Metropolitan Region (MMR) continues to exist. We did see a lot of news articles that said that there is a slowdown. Of course, the numbers do reflect a reduced sales in terms of volume. But the project that we have launched and we have chosen and where we are seeing traction taking place are the ones that we are taking up,” Irani said while responding to a question relating to the demand environment during the earnings call for Q3DY26.
“Our strategy continues to be successful thus far. And our product launches are seeing a great amount of interest amongst buyers. And you will see this continue even in our oncoming launch,” he said.
‘Location and infrastructure key to growth’
According to Irani, choosing the right location is critical, requiring a clear understanding of inherent demand in each micro-market. He said the company follows a data-driven approach, closely tracking the city’s expansion and upcoming infrastructure to assess how connectivity will shape growth.
“We enter only those locations where infrastructure or other meaningful development is underway, and that approach has served us well,” he said.
He said that Mumbai’s western suburbs remain a strong market, noting that three of the company’s recent cluster developments are located there, where demand remains robust.
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Data also indicates a steadily growing population in these areas, he said, expressing confidence in both ongoing projects and future business development plans.
“So we only enter those locations where infrastructure or there’s some other meaningful development taking place, and this has held us in good stead so far. And also, the Western suburbs (of Mumbai) continue to be strong. And if you’ve seen our business development (BD), all the cluster developments that I have maintained, three of them are in the Western suburbs, where there is a great amount of demand that we see even today. And all the data, again, points towards a strong, growing population in these areas. So we are fairly confident of our ongoing project as well as the future BD that we are doing,” Irani said.
Focused on redevelopment and cluster redevelopment
According to Irani, the company will continue to focus on redevelopment and cluster redevelopment projects across the Mumbai Metropolitan Region (MMR).
“I would like to highlight our increasing focus on cluster redevelopment. Cluster redevelopment allows us to create gated communities. Gated communities are probably the most sought-after locations or housing for people to move into because they provide a whole host of advantages, including larger layouts, better communities, etc,” said Irani.
“We continue to build communities, and these communities are far larger seen in the gated communities, which come out of the cluster redevelopments. We made remarkable progress in this area, and we’ve added several large-scale cluster redevelopment projects, including Lokhandwala, GTB Nagar, Dindoshi and Malad West,” he said.
Irani said the company’s recent additions fully align with its vision to consolidate leadership in the redevelopment segment across the MMR, enhancing growth, visibility and strengthening its long-term presence in high-potential micro-markets.
In the past, Irani has said that redevelopment of old buildings is ‘here to stay’ in Mumbai for more than two decades, and these projects offer massive opportunities for new real estate developers entering the space from other cities.
Q3FY26 results
Keystone Realtors reported a slight 3% decline in sales bookings to ₹837 crore, while area sold jumped about 13% to ~0.46 million sq ft, reflecting strong volume despite softer value growth. Collections also edged down, and profitability remained under pressure amid volatility in revenue. Its nine-month pre-sales and area sold remained significantly higher year-on-year, supporting strategic momentum in redevelopment projects across Mumbai.
