Keystone Realtors Optimistic About Diwali Surge in Luxury Housing Demand
Mumbai-based real estate developer Keystone Realtors is seeing strong demand in the luxury housing segment ahead of the festive season. Boman Rustom Irani, Chairman and Managing Director of Keystone Realtors, highlighted that buyers from across India, including high-net-worth individuals, are investing in Mumbai’s premium and high-priced residential areas, driving strong demand in the luxury housing segment.
Irani told CNBC-TV18, “We are seeing this trend work out much stronger this year, given the fact that GST rate cuts almost came in at a time to improve the mood, the buying mood of the people and we have seen the impact, the walk-ins increased.” He expects a significant boost in home buying during the early Diwali season in October 2025, citing historical trends that show stronger sales when the festival falls earlier in the year. The company anticipates that this timing will positively impact overall demand and transaction volumes.
Irani added, “Our teams are gearing up more for the mid-mass and the aspiration category, also the premium category has seen a great amount of demand. I must tell you that the GST impact has led to a feel-good factor amongst people, the buying power, or the belief that their buying power has improved and prices have been brought down, are helping.” The GST cut on cement from 28% to 18% has helped improve buyer sentiment. While the direct cost impact on homes is limited, the overall “feel-good factor” has increased purchasing intent, especially for mid-mass and premium categories.
Price cuts in home appliances like ACs and washing machines indirectly enhance home affordability and décor options. Contrary to concerns about a slowdown in the super-luxury segment, Keystone is seeing strong interest. Irani said, “There has been a very strong upswing in demand for the luxury and over-luxury. I would like to define these as ₹7 crores to 15 crore and above, kind of homes; as matter the demand has improved has increased.”
Keystone’s sales teams reported that, if not for the heavy rains over the last two weekends, the company would have seen a strong performance in the second quarter. As a result, the momentum is expected to carry over into the third quarter. Keystone’s recent premium projects are performing well. “Our 180 Bayview and Versova launch, which is in the premium segment because it’s on the water, has seen a great amount of demand,” Irani said.
Irani highlighted that buyers are coming from all over India, not just Mumbai, with many high-net-worth individuals investing in the city’s premium and high-priced residential areas. Keystone Realtors' current market capitalisation is ₹7,483 crore. The stock is currently trading at ₹591.55 as of 12:01 pm on the NSE and has declined 18% over the last year.
