Keystone Realtors Set to Enter Pune with Township Projects on 100-Acre Land Parcels
Keystone Realtors Ltd, operating under the Rustomjee brand, is planning to enter the Pune real estate market with large-scale township developments on 100-acre land parcels. The company is currently evaluating joint development proposals and aims to launch these projects in the next year.
Keystone RealtorsPune Real EstateTownship ProjectsMmrRedevelopmentReal Estate PuneAug 16, 2025
According to Boman Irani, Chairman and Managing Director of Keystone Realtors, the company’s proposed entry into Pune will not be immediate. Any potential project launch is expected only next year. The Pune expansion would follow Keystone’s foray into the Nagpur market, which was announced three months ago and is likely to be launched before any move into Pune.
Irani indicated that Keystone is actively studying the Pune market through a joint development model, and both proposals under review are being assessed for their feasibility as township projects. He noted that township development has been a core strength of the company in the Mumbai Metropolitan Region (MMR), and the same model is being considered for Pune.
While Pune and Nagpur are part of the company’s expansion plan, Irani maintained that the primary focus remains the MMR, particularly redevelopment opportunities. During the first quarter of FY26, the company announced three major redevelopment projects in Mumbai: GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL. These projects are expected to deliver a combined saleable area of 3.25 million square feet, with a total gross development value (GDV) of ₹7,727 crore.
In MMR, Keystone currently has 18 ongoing projects covering around 8.61 million square feet. In addition, there are 26 upcoming projects in the pipeline, with a total development potential of 23.79 million square feet. Of these, 16 projects fall in the ₹1 crore to ₹7 crore price segment, which the company views as the core demand zone.
Irani observed that market conditions in Mumbai remain mixed, with certain micro-markets witnessing strong demand and others showing a more moderate response. He identified mid-mass and aspirational housing priced between ₹1 crore and ₹7 crore as the strongest-performing segment. Within this range, the ₹3.5 crore to ₹5 crore bracket is emerging as a particularly active sweet spot, while affordable housing demand has been comparatively lower.
He also highlighted the fragmented nature of the MMR market, with eight to nine distinct sub-markets, each with varying price points and consumer profiles. This, according to Irani, makes product-market fit a key success factor in project planning and sales performance.
In terms of financials, Keystone Realtors reported its highest-ever quarterly pre-sales of ₹1,068 crore in Q1FY26, marking a 75% increase over the same period last year. However, the company's consolidated net profit declined to ₹14.51 crore, down 44% from ₹25.82 crore in Q1FY25. Total income during the quarter also fell to ₹288.64 crore from ₹437.20 crore a year earlier.
Despite the dip in profit and revenue, the company remains focused on its long-term growth strategy. Township projects in emerging urban markets are being considered carefully, with risk mitigation via joint development models. Irani stated that Keystone’s approach to new markets such as Pune would be driven by product readiness, demand assessment, and timing, rather than speed of entry.
While new cities are part of the roadmap, Irani reiterated that Mumbai’s redevelopment potential continues to offer long-term opportunities. With over two decades of demand expected in that segment, Keystone’s ongoing and future projects in MMR will remain central to its overall portfolio.
Frequently Asked Questions
When is Keystone Realtors planning to launch projects in Pune?
Keystone Realtors is planning to launch projects in Pune next year, following the evaluation of joint development proposals involving 100-acre land parcels.
What is the primary focus of Keystone Realtors in the MMR?
The primary focus of Keystone Realtors in the MMR remains redevelopment opportunities, particularly in mid-mass and aspirational housing segments.
How many ongoing and upcoming projects does Keystone Realtors have in MMR?
Keystone Realtors currently has 18 ongoing projects and 26 upcoming projects in MMR, with a total development potential of 23.79 million square feet.
What is the strongest-performing segment in the Mumbai real estate market?
The strongest-performing segment in the Mumbai real estate market is mid-mass and aspirational housing priced between ₹1 crore and ₹7 crore.
What is Keystone Realtors' approach to entering new markets like Pune?
Keystone Realtors' approach to entering new markets like Pune is driven by product readiness, demand assessment, and timing, rather than speed of entry.
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