Rustomjee’s Boman Irani Eyes ₹5 Crore Housing Market, Plans Pune Expansion
Boman Irani, CMD of Rustomjee Group, focuses on the ₹5 crore housing segment in Mumbai, while also planning to enter the Pune real estate market with a 100-acre township project.
Real EstateMumbaiPuneBoman IraniRustomjee GroupReal Estate PuneAug 13, 2025
Asked about the current state of Mumbai’s real estate market, Irani noted that demand varies significantly 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 a complex market, 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.
In addition to his focus on Mumbai, Irani has announced plans to expand into the Pune real estate market. The Rustomjee Group 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 Mumbai Metropolitan Region (MMR). I am not saying we did 100 acres in MMR, but large projects,” Irani explained.
However, any new entry into a new city, including Pune, will not happen immediately. “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,” he said.
The company has also been focusing on redevelopment projects in Mumbai. During the first quarter of FY26, Rustomjee Group announced three redevelopment projects for its Mumbai portfolio, including 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.
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.
With a clear strategy and a focus on key market segments, the Rustomjee Group is well-positioned to continue its growth in the Mumbai and Pune real estate markets. Irani’s insights provide a valuable perspective on the current trends and opportunities in the real estate sector.
Frequently Asked Questions
What is Boman Irani's focus in the Mumbai real estate market?
Boman Irani, CMD of Rustomjee Group, focuses on the ₹5 crore housing segment in Mumbai, which he sees as a steadily expanding market. He also emphasizes the ₹1 crore to ₹3 crore range as a key segment.
What are the current plans for the Pune real estate market?
The Rustomjee Group is exploring two potential land parcels of around 100 acres for a township project in Pune. Any new entry into Pune will happen by next year.
What is the current state of demand in the Mumbai real estate market?
Demand in Mumbai varies by location. In the mid-mass and aspirational segment, from ₹1 crore to ₹7 crore, demand remains high, but supply is not adequate. The sweet spot is between ₹3.5 crore to ₹5 crore.
What redevelopment projects has the Rustomjee Group announced in Mumbai?
During the first quarter of FY26, the Rustomjee Group 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 the Rustomjee Group have in the Mumbai Metropolitan Region (MMR)?
The 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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