Rustomjee expects to exceed ₹3,000 cr pre-sales target, eyes Chembur for expansion

Keystone Realtors Ltd, or Rustomjee Group, expects to surpass its FY25 ₹3,000 crore pre-sales target on the back of growing demand in the micro markets where the group is launching new projects. 

The company reported pre-sales worth ₹700 crore this quarter compared to ₹306 crore in Q2FY24, taking its total pre-sales to ₹1,311 crore in the first half of the financial year 2025. 

In terms of project launches, “we have already achieved two-third of our ₹6,000 crore Gross Development Value (GDV) target for FY25 with five projects. The aim is to take up a total of 8 projects this year,” Boman Rustom Irani, CMD of Keystone Realtors, told Mint. 

The group launched three projects with an expected GDV of over ₹1,333 crore in the quarter ended September. The company is now looking to use its dry powder to fund new projects and acquisitions. 

₹900 crore dry powder

“We are sitting on ₹900 crore of dry powder. We are planning to utilize these funds towards new projects,” Irani said. “We have done some debt-based tie-ups, but we are not even drawing them down because sales have been very robust.”

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The company also raised over ₹800 crore through a qualified institutional placement (QIP) in May. 

A landmark project of the company, the Basant Park, is likely to be announced next quarter. Basant Park marks the entry of the group into Chembur locality in Mumbai. The company is currently in talks with landowners to acquire more land in the area. 

“We believe Chembur is a great market to be in as the infrastructure of the place is quite good,” Irani said. “So far developers have stayed away but now you will see large developers coming and we’ll be the ones who will lead this entire project.”

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“Chembur will be a preferred location as we foray into western suburbs,” he said. 

Rustomjee also forayed into plotted development—a new segment—in September this year, with its first project Belle Vie in Kasara, a town on the Mumbai-Nashik route. The company has delivered 100 out of the 462 plots offered at the site. The developer is currently busy constructing its 25,000 sq. feet clubhouse on the location, which will also feature outdoor spaces like tennis courts, etc., Irani said.

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The company, however, reported ₹533 crore revenue, nearly 14% lower than the ₹618 crore in the same quarter of the previous year. At the same time, the realtor clocked a net profit of nearly ₹66 crore, compared with ₹4.17 crore in the same quarter of the previous year.