Rustomjee’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 growing opportunity. The ₹1-3 crore range remains a key market for the company.
Real EstateMumbaiRustomjee GroupHousing MarketRedevelopmentReal Estate NewsAug 12, 2025
In certain pockets of Mumbai, interest in real estate is very high, while in others, it is not as robust. Irani noted that in the mid-mass and aspirational segment, demand remains strong, but the supply is not adequate. “Whenever 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 a diverse market, often described as “eight to nine markets in one.” This diversity includes a wide range of sizes, price points, and requirements. Irani emphasized the importance of identifying where a product will work to ensure successful sales over time. His primary focus is on the ₹5 crore sweet spot, which he sees as a steadily growing market in Mumbai.
In addition to Mumbai, the Rustomjee Group is also planning to expand into the Pune real estate market. Irani revealed that the company is currently exploring two potential land parcels of around 100 acres for a township project in Pune. “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 projects, and that is what we have done in the MMR,” he said.
This will be the third city for the company to enter after it announced its foray into the Nagpur real estate market about three months ago. However, any new entry into Pune will not happen immediately and is expected to be launched 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 that our major focus remains to be MMR and the 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 projects, including GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL, add 3.25 million sq ft of saleable area with an estimated Gross Development Value (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. Sixteen out of these 26 projects are in the price range of ₹1 crore to ₹7 crore.
Rustomjee Group’s strategic focus on the ₹5 crore housing segment and its plans to expand into Pune and Nagpur reflect its commitment to meeting the evolving needs of the real estate market. With a strong emphasis on redevelopment and township projects, the company is poised to capitalize on the growing demand in these segments.
Frequently Asked Questions
What is Boman Irani's primary focus in the Mumbai real estate market?
Boman Irani, the CMD of Rustomjee Group, is focusing on the ₹5 crore apartment market in Mumbai, seeing it as a steadily growing opportunity.
What is the demand like in the ₹1 crore to ₹7 crore range in Mumbai?
In the ₹1 crore to ₹7 crore range, demand remains high, but the supply is not adequate. The ₹3.5 crore to ₹5 crore segment is particularly attractive.
Is the Rustomjee Group planning to enter the Pune real estate market?
Yes, the Rustomjee Group is exploring two potential land parcels of around 100 acres for a township project in Pune. However, any new entry will not happen immediately and is expected to be launched by next year.
What are the recent redevelopment projects announced by Rustomjee Group in Mumbai?
Rustomjee Group has announced three redevelopment projects in Mumbai: GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL, adding 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 has 26 projects upcoming, of around 23.79 million sq ft. Sixteen out of these 26 projects are in the price range of ₹1 crore to ₹7 crore.
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