Rustomjee Group to Launch Senior Living and Plotted Development Projects

Boman Irani, Chairman and Managing Director of Keystone Realtors (Rustomjee Group), has announced the company’s plans to expand into Tier 2 cities with senior living and plotted development projects. Despite some cooling in specific pockets, he stated that the overall demand in Mumbai’s real estate market remains strong.

Mr. Irani revealed that the company is in discussions with stakeholders to launch a senior living project. He expects to finalize a partnership in the coming months. The company is also preparing to launch another plotted development project in Kasara, near Mumbai, in the next fiscal year, following the success of its first project in the area.

In February 2025, Rustomjee Group signed a residential and retail project in Nagpur, marking its entry into the city’s real estate market. The company aims to use this project to assess opportunities beyond Mumbai while maintaining a primary focus on the Mumbai Metropolitan Region (MMR).

Addressing real estate trends in Mumbai, Mr. Irani said that while certain areas have seen a slowdown, demand remains steady in key locations. He emphasized that the MMR continues to show resilience, driven by ongoing projects and strong buyer interest.

A recent report by CREDAI highlighted India’s aging population, which is expected to grow from 157 million in 2024 to 346 million by 2050, making up 20.6% of the total population. The report underscored the need for structured senior living projects beyond traditional care homes. It recommended policy measures such as developer tax incentives, property tax rebates for senior citizens, and rental housing schemes modeled on the Pradhan Mantri Awas Yojana (PMAY) to support senior housing developments.

Rustomjee Group is evaluating opportunities in smaller cities for senior living projects. The company’s expansion strategy includes a mix of plotted developments and residential-retail projects to diversify its portfolio. By entering Tier 2 cities, Rustomjee aims to cater to evolving real estate needs while continuing its focus on Mumbai.

Mr. Irani remains optimistic about the long-term growth of India’s real estate sector and expects steady demand across well-planned urban projects. With a structured approach, Rustomjee Group is positioning itself to meet emerging market needs while exploring new growth avenues.