Keystone Realtors Anticipates Strong FY26 Sales on Robust Affordable Housing Demand
Boman Rustom Irani, Chairman and Managing Director of Keystone Realtors, remains bullish on the Mumbai Metropolitan Region (MMR), expecting it to stay a strong real estate market for the next 10 to 15 years. He stated that Mumbai and Pune together account for nearly 51% of India’s total real estate sales value, and demand indicators remain robust.
Keystone Realtors expects to exceed its ₹4,000-crore annual sales guidance in 2025-26 (FY26) despite concerns over a broader slowdown in the real estate sector. According to Boman Rustom Irani, the performance so far provides strong visibility on delivery. Keystone has already recorded sales of ₹2,676 crore this year, marking a 23% year-on-year increase. It also launched five projects with a total value of around ₹5,800 crore, covering 83% of its annual guidance, and has surpassed its ₹8,000-crore business development guidance within the first half of the year.
Addressing concerns raised by its October-December quarter of 2025 (Q3FY26) business update, Irani clarified that the divergence between a 13% rise in sales volumes and a 3% decline in pre-sales value was not a sign of weakening demand. “That would just mean that we've been selling more of what is the government's 'ladla' (favourite child), which is the affordable and mid-mass housing,” he said, adding that launches in higher-priced segments are scheduled for the current quarter, January-March quarter of 2026 (Q4FY26), and are expected to rebalance value growth.
Irani reiterated his bullish outlook on the MMR, which he believes will remain a strong real estate market for the next 10 to 15 years. He stated that Mumbai and Pune together account for nearly 51% of total real estate sales value in India and said demand indicators remain robust. Keystone considers housing priced under ₹1 crore in Mumbai and under ₹75 lakh across the wider MMR in the 'affordable housing' category. The company operates across the spectrum—from entry-level homes priced at ₹65–70 lakh to luxury properties above ₹150 crore. “We do not see a slowdown in any of these segments,” he said.
Keystone prefers to focus on driving volumes rather than pushing aggressive price hikes. “I would love that prices do not increase and volumes increase because that is exactly what we are out to do… and then make our margins at a steady pace going forward,” he said. Keystone Realtors, also known as the Rustomjee Group, is a Mumbai-based company with a market capitalisation of about ₹6,173 crore, with its shares down nearly 23% over the past year.
