Keystone Realtors to launch ₹3,000 crore ultra-luxury Mumbai project: CMD

Realty firm Keystone Realtors plans to launch a super luxury residential project in Mumbai next month with a revenue potential of about Rs 3,000 crore, a top company official said.

Mumbai-based Keystone Realtors, which sells properties under Rustomjee brand, is one of the leading real estate developers in the country.

In an interview with PTI, Keystone Realtors Chairman and Managing Director Boman Irani said the company is very bullish on housing demand and expressed confidence of easily achieving the sales bookings target of Rs 4,000 crore this fiscal year.

The company has already sold properties worth Rs 1,839 crore in the first half of 2025-26, up 40 per cent annually.

About new launches, Irani said the company is targeting to launch a super luxury residential project at Bandstand, Bandra, in Mumbai next month.

"The gross development value (GDV) of this upcoming project will be around Rs 3,000 crore," he said.

Irani said the company had given an annual guidance of launching Rs 7,000 crore worth projects this fiscal year.

Keystone Realtors has already launched four projects during the April-September period of this fiscal year with a total GDV of Rs 4,916 crore.

In the second half of this fiscal year, the company will launch four projects worth Rs 4,832 crore.

Irani also noted that the company will invest about Rs 950 crore during this fiscal year on construction of existing real estate projects to ensure timely delivery of properties.

The estimated expenditure on pure construction activities is 15 per cent higher than Rs 830 crore in the 2024-25 fiscal year. Asked about the demand scenario, Irani said the housing demand remains strong in Mumbai Metropolitan Region (MMR) from end-users as well as investors.

He noted that a lot of wealth is getting created because of high economic growth and buoyancy in the stock markets.

The surplus wealth is getting deployed in residential properties, Irani said, adding that real estate is one of the preferred modes of investment.

Irani said the reduction in interest on home loans will also drive sales going forward.

Keystone Realtors, which follows asset light model, is a strong player in redevelopment housing project.

So far, the company has delivered more than 26 million sq ft area. It has handed over more than 17,000 apartments to customers.