Mumbai Real Estate: Rustomjee Bets On Upcoming MMR Launches After Q1 FY27 Pre-Sales Fall 42 Per Cent

Mumbai, July 10, 2026: Keystone Realtors Ltd, which markets its projects under the Rustomjee brand, expects a pipeline of new project launches across the Mumbai Metropolitan Region (MMR) to accelerate sales in the coming quarters after reporting lower pre-sales in the first quarter of FY27.

The developer reported pre-sales of Rs 6.17 billion during the April-June quarter of FY27, down 42 per cent from Rs 10.68 billion in the corresponding period last year.

The company attributed the decline to the absence of any new project launches during the quarter, with sales primarily driven by ongoing inventory across existing developments. The disclosure was made to the Securities and Exchange Board of India on July 10.

Collections Remain Strong

Despite the decline in bookings, collections remained resilient. The company reported collections of Rs 5.99 billion, a 4 per cent increase over Rs 5.75 billion in the year-ago quarter, supported by cash inflows from previously sold units and sustained sales across ongoing projects.

During the quarter, Keystone Realtors added two new projects with a combined saleable area of 1.98 million sq ft and an estimated gross development value (GDV) of Rs 7.13 billion. These include the Utkarsh CHSL cluster redevelopment project in Dindoshi Nagar, Goregaon East, and a plotted development project in Igatpuri.

The company also completed one project during the quarter—Rustomjee Ashiana in Juhu—with a construction area of 0.07 million sq ft.

Launch Pipeline Expected To Boost Sales

Commenting on the quarterly performance, Boman Irani, Chairman and Managing Director of Keystone Realtors Ltd, said: “Q1FY27 marks a steady start to the year as we build on the strong momentum achieved in FY26. During the quarter, we recorded pre-sales of Rs 6.17 billion, supported by resilient sustenance sales and continued homebuyer confidence in our projects. Looking ahead, we have a robust pipeline of launches planned across the MMR over the coming quarters. These launches are expected to strengthen our market position and support our objective of achieving the pre-sales guidance for FY27."

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“Backed by our execution capabilities, disciplined project delivery, and favourable market fundamentals, we remain well positioned to drive sustainable growth. On the business development front, we added two projects during the quarter with an estimated GDV of Rs 7.13 billion, further strengthening our future launch pipeline. These additions reinforce our leadership in Mumbai's redevelopment segment and, more particularly, in the cluster redevelopment segment, while also expanding our presence in the plotted development space, in line with our long-term growth strategy. Supported by a strong balance sheet and a healthy liquidity position, we remain well capitalised to pursue growth opportunities, execute our development pipeline efficiently, and create long-term value for our customers, shareholders and all stakeholders.”

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