The Rustomjee Group has announced the addition of three major redevelopment projects in Mumbai during the first quarter of FY26, collectively carrying a gross development value (GDV) of ₹7,727 crore. The announcement strengthens the company’s strategic focus on urban redevelopment in the Mumbai Metropolitan Region.
The three projects — located at GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL — contribute a cumulative 3.25 million square feet of saleable area to the company’s pipeline. With these additions, Rustomjee Group has already exceeded its full-year FY26 guidance for new project additions in just the first quarter.
According to a regulatory filing, the company reported that its redevelopment-led growth approach continues to drive expansion in India’s most supply-constrained urban market. These new additions, it said, further reinforce its leadership position in the Mumbai redevelopment segment.
In terms of operational performance, the company reported its best-ever first quarter sales. Pre-sales for Q1 FY26 stood at ₹1,068 crore, a 75 percent increase over the ₹611 crore recorded in Q1 FY25. Collections for the quarter also rose to ₹575 crore, marking a 19 percent year-on-year increase from ₹485 crore in the corresponding period last year.
During the quarter, the company launched projects covering a combined saleable area of 0.91 million square feet, contributing an estimated GDV of ₹4,000 crore. This figure alone represents about 57 percent of the company’s full-year FY26 development target, indicating a strong start to the fiscal year.
Commenting on the performance, Boman Irani, Chairman and Managing Director of Rustomjee Group, noted that the company has carried forward strong momentum from FY25 into the current fiscal. “Q1 FY26 has laid a strong foundation for the year. With this quarter’s additions, we have already surpassed our full-year guidance. Our performance reflects agility in capturing redevelopment opportunities in Mumbai and sustaining growth through both acquisitions and launches,” he said.
Irani further highlighted the strategic relevance of redevelopment in the group’s overall growth strategy. “Mumbai’s redevelopment continues to be a key focus area. Our leadership in this space positions us well to harness the opportunity it offers. We are confidently poised to deliver long-term value to all stakeholders.”
The company also announced an upgrade in its credit rating. ICRA has assigned an ‘ICRA A+’ rating with a stable outlook to Keystone Realtors, while some instruments were upgraded to ‘ICRA A’ with a positive outlook. The credit rating improvement is expected to support the company’s access to capital markets and reduce financing costs for future developments.
The redevelopment sector in Mumbai has gained renewed attention due to rising land scarcity, aging housing stock, and increasing regulatory support. Large developers with strong balance sheets, like Rustomjee, are leveraging this environment to expand their presence through society redevelopment projects.
Rustomjee's new projects span different micro-markets, offering access to a mix of end-users and investors. The GTB Nagar redevelopment is expected to revitalize an important part of the city historically associated with post-partition refugee housing. The Lokhandwala Cluster and Swarganga CHSL projects reflect continued interest in high-value Western suburbs, where redevelopment often yields premium inventory.
The company’s first-quarter success comes amid increasing competition and robust demand for residential units in the Mumbai Metropolitan Region. With a development portfolio now further strengthened by these new acquisitions, Rustomjee is aiming to build on its performance throughout FY26 by continuing its focus on high-potential micro-markets.
