Keystone Realtors Anticipates Strong FY26 Sales on Robust Mid-Income and Affordable Housing Demand
Keystone Realtors, a leading real estate developer in Mumbai, is optimistic about its financial performance for the fiscal year 2026 (FY26). According to Boman Rustom Irani, the Chairman and Managing Director of Keystone Realtors, the company is on track to surpass its ₹4,000-crore sales guidance despite broader concerns about a slowdown in the real estate sector.
Mumbai and Pune together account for nearly 51% of India’s total real estate sales value, and demand indicators remain robust. Irani believes that the Mumbai Metropolitan Region (MMR) will continue to be a strong market for the next 10 to 15 years.
Keystone Realtors, also known as the Rustomjee Group, has a market capitalization of approximately ₹6,173 crore. Despite a 23% decline in its share price over the past year, the company has recorded sales of ₹2,676 crore this year, marking a 23% year-on-year increase. It has already 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 the 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 is not indicative of weakening demand. Instead, it reflects the company's focus on affordable and mid-mass housing, which are the government's 'ladla' (favourite child) segments. Launches in higher-priced segments are scheduled for the current quarter, January-March 2026 (Q4FY26), and are expected to rebalance value growth.
Keystone Realtors considers housing priced under ₹1 crore in Mumbai and under ₹75 lakh across the wider MMR as 'affordable housing.' The company operates across various segments, from entry-level homes priced at ₹65–70 lakh to luxury properties above ₹150 crore. Irani stated, “We do not see a slowdown in any of these segments.”
The company's strategy is to drive volumes rather than push aggressive price hikes. Irani expressed his preference for steady volume growth, saying, “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.”
Keystone Realtors remains committed to delivering strong performance in the real estate market, particularly in the Mumbai Metropolitan Region, where it sees significant opportunities in the mid-income and affordable housing segments.
