Rustomjee Acquires Plotted Development Land at Igatpuri — New BD Addition in Q1 FY27 with ₹713 Crore Combined GDV
Rustomjee Adds Igatpuri Plotted Development to Q1 FY27 Pipeline
Keystone Realtors Ltd disclosed its Q1 FY27 business development activity to the Securities and Exchange Board of India on July 10. The company added two new projects with a combined saleable area of 1.98 million sq ft and an estimated gross development value of Rs 7.13 billion, including the Utkarsh CHSL cluster redevelopment project in Dindoshi Nagar, Goregaon East, and a plotted development project in Igatpuri.
Rustomjee 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, attributed to the absence of any new project launches during the quarter.
Expansion of Plotted Development Segment
The Igatpuri acquisition marks the company's second major entry into plotted development. In September 2024, Rustomjee announced the launch of Belle Vie, an exceptional hilltop residential project in Kasara, which introduced the brand to the segment. Belle Vie comprises 462 meticulously designed villa plots, ranging from 2000 to 7000 square feet, with prices starting at INR 59 Lakhs, spread across an 88-acre gated community.
The Igatpuri project expands Rustomjee's footprint in the Western Ghats region. Igatpuri is located about 20 km from Kasara, 45 km from Nashik and 130 km from Mumbai. The town is a hill station in Nashik district in Maharashtra, surrounded by the highest hills and forests in the Sahyadri range of Western Ghats.
Market Context and Location Advantages
Kasara is emerging as a new hotspot for real estate investment, with a proposed MIDC at Khardi, a logistics hub, as well as upcoming hospitality brands catering to growing demand. The proximity of both Belle Vie and the new Igatpuri project to this infrastructure corridor positions them within a region undergoing systematic development.
Belle Vie is strategically located just 98 km from Mumbai and 79 km from Thane, with excellent connectivity via the Mumbai-Nashik Highway, Kasara Railway Station, and the Samruddhi Expressway. The new Igatpuri acquisition benefits from similar accessibility.
Financial Performance and Forward Guidance
The developer reported lower Q1 FY27 pre-sales due to the absence of any new project launches during the quarter, with sales primarily driven by ongoing inventory across existing developments. However, the company recorded sustained pre-sales of Rs 6.17 billion supported by resilient sustenance sales and continued homebuyer confidence in its projects, with management stating it has a robust pipeline of launches planned across the MMR over the coming quarters.
The company also secured a credit rating upgrade from ICRA to AA- (with Stable Outlook) from A+ (with Stable Outlook), complementing its existing CRISIL rating of AA- (with Stable Outlook).