Rustomjee Group’s Boman Irani Eyes ₹5 Crore Housing Market in Mumbai
Boman Irani, CMD of the Rustomjee Group, is placing a significant bet on the ₹5 crore housing segment in Mumbai, while also exploring new opportunities in Pune.
Real EstateMumbaiPuneRedevelopmentTownship ProjectsReal Estate MumbaiAug 12, 2025
Asked about the current state of the Mumbai real estate market, 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.
Highlighting the diversity of the Mumbai Metropolitan Region (MMR), Irani described it 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 is also looking to expand its presence beyond Mumbai. The company is currently exploring potential projects in Pune, a city with a growing real estate market. Irani told HT.com that the company is studying two proposals for a joint development (JD) model in Pune, involving land parcels of around 100 acres. “We want to do township projects, and that is what we have done in the MMR. We are exploring projects for Pune currently, and any new entry in a new city will not happen immediately, but only by next year,” he said.
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 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 also 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.
Boman Irani’s strategic focus on the ₹5 crore housing segment and the expansion into new markets like Pune and Nagpur reflect the company’s commitment to capturing emerging opportunities in the real estate sector. With a strong emphasis on redevelopment and township projects, the Rustomjee Group is well-positioned to capitalize on the evolving dynamics of the Indian real estate market.
Frequently Asked Questions
What is Boman Irani's focus in Mumbai's real estate market?
Boman Irani, CMD of the Rustomjee Group, is focusing on the ₹5 crore housing segment in Mumbai, which he sees as a steadily growing market.
What other segment is Boman Irani interested in?
Boman Irani is also interested in the ₹1 crore to ₹3 crore segment, which he describes as 'the darling' of the market.
Is the Rustomjee Group planning to expand into new cities?
Yes, the Rustomjee Group is exploring projects in Pune and has already announced a foray into the Nagpur real estate market.
What type of projects is the Rustomjee Group focusing on in Pune?
The Rustomjee Group is studying two proposals for a joint development model in Pune, involving land parcels of around 100 acres, with a focus on township projects.
What recent redevelopment projects has the Rustomjee Group announced in Mumbai?
The Rustomjee Group has announced three redevelopment projects in Mumbai during the first quarter of FY26: GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL, adding 3.25 million sq ft of saleable area with an estimated GDV of ₹7,727 crore.
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