Keystone Realtors Ltd, the listed developer operating under the Rustomjee brand, is preparing to enter the Pune real estate market through large-scale township developments. The company is currently evaluating two joint development proposals involving land parcels of approximately 100 acres each.
According to Chairman and Managing Director Boman Irani, the company’s proposed entry into Pune will not be immediate, with any potential project launch expected only next year. The Pune expansion would follow Keystone’s foray into the Nagpur market, which was announced three months ago and is likely to be launched before any move into Pune.
Irani indicated that Keystone is actively studying the Pune market through a joint development model, and both proposals under review are being assessed for their feasibility as township projects. He noted that township development has been a core strength of the company in the Mumbai Metropolitan Region (MMR), and the same model is being considered for Pune.
While Pune and Nagpur are part of the company’s expansion plan, Irani maintained that the primary focus remains the MMR, particularly redevelopment opportunities. During the first quarter of FY26, the company announced three major redevelopment projects in Mumbai: GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL. These projects are expected to deliver a combined saleable area of 3.25 million square feet, with a total gross development value (GDV) of ₹7,727 crore.
In MMR, Keystone currently has 18 ongoing projects covering around 8.61 million square feet. In addition, there are 26 upcoming projects in the pipeline, with a total development potential of 23.79 million square feet. Of these, 16 projects fall in the ₹1 crore to ₹7 crore price segment, which the company views as the core demand zone.
Irani observed that market conditions in Mumbai remain mixed, with certain micro-markets witnessing strong demand and others showing a more moderate response. He identified mid-mass and aspirational housing priced between ₹1 crore and ₹7 crore as the strongest-performing segment. Within this range, the ₹3.5 crore to ₹5 crore bracket is emerging as a particularly active sweet spot, while affordable housing demand has been comparatively lower.
He also highlighted the fragmented nature of the MMR market, with eight to nine distinct sub-markets, each with varying price points and consumer profiles. This, according to Irani, makes product-market fit a key success factor in project planning and sales performance.
In terms of financials, Keystone Realtors reported its highest-ever quarterly pre-sales of ₹1,068 crore in Q1FY26, marking a 75% increase over the same period last year. However, the company's consolidated net profit declined to ₹14.51 crore, down 44% from ₹25.82 crore in Q1FY25. Total income during the quarter also fell to ₹288.64 crore from ₹437.20 crore a year earlier.
Despite the dip in profit and revenue, the company remains focused on its long-term growth strategy. Township projects in emerging urban markets are being considered carefully, with risk mitigation via joint development models. Irani stated that Keystone’s approach to new markets such as Pune would be driven by product readiness, demand assessment, and timing, rather than speed of entry.
While new cities are part of the roadmap, Irani reiterated that Mumbai’s redevelopment potential continues to offer long-term opportunities. With over two decades of demand expected in that segment, Keystone’s ongoing and future projects in MMR will remain central to its overall portfolio.
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