Rustomjee Group’s Boman Irani Eyes ₹5 Crore Housing Market in Mumbai
Boman Irani, CMD of Rustomjee Group, is focusing on the ₹5 crore housing segment in Mumbai, seeing it as a steadily expanding opportunity. The group also plans to explore the Pune real estate market with potential township projects.
Real EstateMumbaiRustomjee GroupBoman IraniPuneReal EstateAug 12, 2025
Asked about the current state of the real estate market in Mumbai, Irani noted that demand varies by location. 'In certain pockets, interest is very high; in others, not so great. In the mid-mass and aspirational segment, ₹1 crore to ₹7 crore, demand remains high, but supply is not adequate. And whenever you say for Mumbai, when you hit the sweet spot of ₹3.5 crore to ₹5 crore, we find a good amount of interest,' he said.
The Mumbai Metropolitan Region (MMR) is described by Irani as 'eight to nine markets in one,' with a wide range of sizes, price points, and requirements. 'If you can identify where your product will work, you will be able to sell over time. My big bet is on the ₹5 crore sweet spot, which I see as a steadily growing market in Mumbai, while ₹1 crore to ₹3 crore will always be the darling,' he added.
The Rustomjee Group also plans to expand into the Pune real estate market. Irani told HT.com last week that the company is currently exploring two potential land parcels of around 100 acres for a township project in Pune. This will be the third city for the company to enter after it announced its foray into the Nagpur real estate market around three months ago.
'We are studying two proposals right now in a joint development (JD) model for the Pune real estate market, and I can say they are for a size of around 100 acres. We want to do township, and that is what we have done in the MMR. I am not saying we did 100 acres in MMR, but large projects,' Irani said.
'We are exploring projects for Pune currently, and any new entry in a new city will not happen immediately, but only by next year. We have announced a project in the Nagpur real estate market, and we will soon announce the launch of that first and later get into Pune. However, it goes without saying our major focus remains to be MMR and redevelopment of old buildings in MMR,' Irani added.
The company has announced three redevelopment projects for its Mumbai portfolio during the first quarter of FY26. These include GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL, adding 3.25 million sq ft of saleable area with an estimated GDV of ₹7,727 crore. In total, the company has around 18 ongoing projects in MMR, measuring around 8.61 million sq ft, and has 26 projects upcoming, of around 23.79 million sq ft. 16 out of these 26 projects are in the price range of ₹1 crore to ₹7 crore.
Frequently Asked Questions
What is Boman Irani's focus in the Mumbai real estate market?
Boman Irani, CMD of Rustomjee Group, is focusing on the ₹5 crore housing segment in Mumbai, seeing it as a steadily expanding opportunity. The ₹1 crore to ₹3 crore range will 'always be the darling' for his sales.
How does the demand in Mumbai's real estate market vary by location?
Demand in Mumbai's real estate market varies by location. In certain pockets, interest is very high, while in others, it is not so great. The mid-mass and aspirational segment, ranging from ₹1 crore to ₹7 crore, sees high demand but inadequate supply.
What is Rustomjee Group's plan for the Pune real estate market?
Rustomjee Group is exploring two potential land parcels of around 100 acres for a township project in Pune. The company is studying these proposals in a joint development model and plans to enter the Pune market by next year.
What redevelopment projects has Rustomjee Group announced in Mumbai?
Rustomjee Group has announced three redevelopment projects in Mumbai during the first quarter of FY26: GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL. These projects add 3.25 million sq ft of saleable area with an estimated GDV of ₹7,727 crore.
How many ongoing and upcoming projects does Rustomjee Group have in MMR?
Rustomjee Group has around 18 ongoing projects in MMR, measuring around 8.61 million sq ft, and 26 upcoming projects, totaling around 23.79 million sq ft. 16 out of these 26 projects are in the price range of ₹1 crore to ₹7 crore.
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