Keystone Realtors (Rustomjee) Q1 FY27 Operational Update: Pre-Sales Fall 42% YoY to ₹617 Crore Amid Absence of New Launches; Two BD Additions Worth ₹713 Crore GDV
Q1 FY27 Pre-Sales Decline on Hold Pattern Awaiting New Launches
Keystone Realtors Ltd, which markets its projects under the Rustomjee brand, reported lower pre-sales in the first quarter of FY27 and expects a pipeline of new project launches across the Mumbai Metropolitan Region (MMR) to accelerate sales in the coming quarters.
The developer reported pre-sales of Rs 6.17 billion during the April-June quarter of FY27, down 42 per cent from Rs 10.68 billion in the corresponding period last year. The company attributed the decline to the absence of any new project launches during the quarter, with sales primarily driven by ongoing inventory across existing developments.
Collections Growth Despite Pre-Sales Contraction
Collections rose 4% to Rs 599 crore, a resilience that underscores the strength of existing projects in the developer's portfolio. Commenting on the quarterly performance, Boman Irani, Chairman and Managing Director of Keystone Realtors Ltd, said: Q1FY27 marks a steady start to the year as we build on the strong momentum achieved in FY26. During the quarter, we recorded pre-sales of Rs 6.17 billion, supported by resilient sustenance sales and continued homebuyer confidence in our projects.
Business Development Pipeline Expands
Rustomjee added two new projects with a combined gross development value (GDV) of Rs 713 crore to its business development pipeline during Q1 FY27. This expansion aligns with the company's broader growth strategy, which relies heavily on redevelopment projects and joint development agreements across high-velocity corridors in the MMR.
The Mumbai-centric developer intends to achieve this expansion by scaling its execution capacities and aggressively increasing project launches across the high-velocity corridors of the Mumbai Metropolitan Region (MMR), while continuing to double down on an asset-light expansion model.
Guidance and Strategic Outlook
For FY27, Rustomjee has guided pre-sales of around ₹5,000 crore, while launches and project additions are expected to be about ₹8,000 crore each. Q1's weak pre-sales leave the company tracking below its midyear benchmark, placing emphasis on the impact of planned launches across the remaining three quarters.
Looking ahead, we have a robust pipeline of launches planned across the MMR over the coming quarters. These launches are expected to strengthen our market position and support our objective of achieving the pre-sales guidance for FY27.
Rustomjee's MMR Footprint
Keystone Realtors Limited was incorporated in 1995 and is based in Mumbai, India. The company engages in real estate construction, development, and other related activities, developing residential buildings, integrated townships, gated communities, standalone landmarks, retail spaces, commercial projects, and social infrastructure, such as schools, clubhouses, and parks within townships.
The company is a prominent MMR-based real estate developer and a leader in the redevelopment space. As major infrastructure networks like the Mumbai Trans Harbour Link (MTHL), the Coastal Road, and expanded metro lines alter the dynamics of commuting across the MMR, Keystone Realtors is strategically aligning its product mix with changing homebuyer preferences.