Keystone Realtors (Rustomjee) Sets ₹10,000 Crore FY30 Pre-Sales Target; Plans Expansion into Pune, Nagpur and Nashik
Keystone Realtors Outlines Ambitious Growth Path Beyond Mumbai
On May 12, 2026, the board of Keystone Realtors approved audited FY2026 results, alongside a long-term expansion strategy. The company targets annualized pre-sales of ₹10,000 crore by fiscal year 2029–30 (FY30), representing a significant step-up from current scale.
In FY26, pre-sales grew 33 percent year-on-year to ₹4,022 crore, surpassing its annual guidance. For FY27, the company has guided pre-sales to be around ₹5,000 crore—setting an interim milestone on the path to the FY30 target.
Strategy: Velocity, Scale, Stability
The company aims to achieve the ₹10,000 crore target through a three-pronged approach of velocity, scale, and stability, where velocity will come from plotted developments and senior living, scale from expanding into other cities, and stability from commercial real estate.
The velocity pillar focuses on diversifying product formats beyond traditional apartments. Senior living and plotted residential developments offer higher per-unit velocities and appeal to shifting buyer demographics, particularly in suburban Mumbai corridors.
Keystone Realtors plans expansion into Pune, Nagpur, and Nashik. The company is evaluating two joint development proposals for township projects on land parcels totaling approximately 100 acres in Pune. These three cities represent the developer's first ventures beyond the Mumbai Metropolitan Region in the planned growth phase.
The company targets about ₹100 crore in revenue generation from commercial real estate, building a diversified income stream while maintaining focus on residential core business.
Execution Track Record and Balance Sheet Strength
To support the ₹10,000 crore sales target without overleveraging its balance sheet, Keystone Realtors is pursuing an asset-light expansion model, with its pipeline heavily weighted toward society redevelopment projects and strategic joint development agreements. In terms of business development, the company added five projects in FY26 with an estimated GDV of ₹10,420 crore, surpassing its annual guidance of ₹6,000 crore.
The company maintains a strong credit profile, evidenced by a Gross Debt to Equity ratio of 0.26:1 as of Q4 FY26 and a "AA-" rating from CRISIL. This financial footing provides flexibility for measured expansion and capital deployment across new geographies.
About Keystone Realtors (Rustomjee)
Keystone Realtors was incorporated in 1995 and is based in Mumbai, India. The company is a prominent MMR-based real estate developer and leader in the redevelopment space, developing integrated townships, gated communities, standalone landmarks, retail spaces, commercial projects, and social infrastructure such as schools, clubhouses, and parks under its brand Rustomjee. The Rustomjee Group has completed construction for over 26 million square feet of area, with under-construction projects comprising a saleable area of nearly 8.6 million square feet and forthcoming developments of around 23.8 million square feet in pipeline as of June 2025.
The company's core expertise remains in redevelopment within the MMR, where redevelopment opportunities worth nearly ₹1.30 lakh crore are expected by 2030, according to Boman Irani, Chairman and Managing Director of the Rustomjee Group.