Keystone Realtors adds Utkarsh CHSL and an Igatpuri plotted project in H1 FY27

Two new projects added in the first half of FY27

Keystone Realtors Limited, which develops under the Rustomjee brand, disclosed provisional operational figures for the first half and second quarter of FY27 on 8 October 2026 through a Regulation 30 filing. The company added two projects during H1 FY27 with a combined saleable area of 1.41 million square feet and an estimated gross development value of ₹547 crore.

One of the two is Utkarsh CHSL, a redevelopment in the Dindoshi Nagar cluster in Goregaon East, Mumbai. The other is a plotted development at Igatpuri in Nashik district, Maharashtra. Both projects were first referred to in the company's Q1 FY27 update released in July 2026. Shares of the company closed at ₹359.75 on 8 October, down 5.22 percent on the day.

Sales, collections and area sold

Pre-sales in the second quarter reached ₹1,423 crore, up 84 percent from the same quarter a year earlier. For the first half, pre-sales totalled ₹2,041 crore, an 11 percent rise year on year. Area sold in Q2 FY27 stood at 0.65 million square feet, up 31 percent from 0.50 million square feet in Q2 FY26.

Collections moved in the opposite direction. Q2 FY27 collections were ₹541 crore, down 19 percent from the corresponding quarter. Collections for the first half came to ₹1,141 crore, compared with ₹1,245 crore in the first half of FY26.

The two additions and the quarter's launches

Utkarsh CHSL extends the company's cluster redevelopment work in Goregaon East, while the Igatpuri project takes the brand into plotted development. The company describes plotted projects as a way to add sales momentum.

• Combined saleable area of the two additions: 1.41 million sq ft
• Estimated GDV of the two additions: ₹547 crore
• Locations: Dindoshi Nagar cluster, Goregaon East, Mumbai, and Igatpuri, Nashik district

In the same quarter, the company launched Rustomjee Ozone Skye and began construction on the 25HQ commercial project in Prabhadevi. The two projects together carry a combined saleable area of 0.54 million sq ft and a combined GDV of ₹2,196 crore.

The location

Goregaon East is served by a Western Line station on the Mumbai Suburban Railway. An extension of the Harbour Line, completed in 2018, provides regular trains to Chhatrapati Shivaji Maharaj Terminus. The Goregaon East elevated station on Metro Line 7, part of the Red Line network, was inaugurated on 20 January 2023 by Prime Minister Narendra Modi.

Film City, Nirlon Knowledge Park, Nesco and Infinity IT parks are within 2 to 4 km, giving the locality a steady base of employment. The Goregaon-Mulund Link Road, a 12.2 km corridor costing ₹14,000 crore and being built by the Brihanmumbai Municipal Corporation, will connect the Western Express Highway at Goregaon with the Eastern Express Highway at Mulund.

The developer

Rustomjee traces its origins to 1995, when Boman Rustom Irani founded the business. Keystone Realtors listed on the BSE and NSE after its 2022 initial public offering. Over its history the company has built more than 29 million sq ft and delivered over 19,000 homes. Its portfolio includes 39 completed projects, 17 ongoing projects and 21 forthcoming projects.

In Q2 FY27 the company completed three RERA projects at Urbania in Thane, namely Rustomjee La Familia A, B and C, six to twelve months ahead of their RERA timelines. The company has also signed a contract with Robin Village Development, a Singapore-based subsidiary of Tiong Seng, to set up an in-house pre-cast plant. Its credit profile carries dual AA- ratings with a stable outlook from CRISIL and ICRA.

In H1 FY26 the company added three redevelopment projects, GTB Nagar in Sion, the Lokhandwala cluster in Andheri West and Swarganga CHSL in the Dindoshi cluster. Together they span 3.25 million sq ft with an estimated GDV of ₹7,727 crore. Boman Irani serves as chairman and managing director.

What comes next

For FY27, the company has maintained launch guidance of ₹8,000 crore across eight projects totalling 5.2 million sq ft. Its pre-sales guidance for the year stands at ₹5,000 crore, and first-half pre-sales of ₹2,041 crore already account for a little over 40 percent of that target.