Listed real estate developer Keystone Realtors, also known as Rustomjee Group, is making waves in the Mumbai Metropolitan Region (MMR) with its ambitious plans to become a dominant player in the redevelopment of old buildings. The group’s Chairman and Managing Director, Boman Irani, has revealed that their main focus will be on constructing homes in the price range of Rs 1 crore to Rs 7 crore.
While some national players are looking to establish a foothold in MMR, Rustomjee Group has no plans to venture outside this lucrative market. In fact, Irani expressed their satisfaction with the MMR market, stating that they can continue working in this region for the next five to six years without any hesitation. This unwavering commitment to MMR demonstrates the group’s confidence in the market’s potential for growth and profitability.
When it comes to redevelopment projects, Rustomjee Group has already charted their course and identified the types of projects they wish to pursue. They have found great success in the mid-mass and aspirational segments of the MMR market, where they are expecting maximum growth. The group aims to increase its presence in these locations, offering consumers apartments in the desired price ranges of Rs 1 to Rs 3 crores for mid-mass properties and Rs 3 crores to Rs 7 crores for aspirational apartments.
Despite the allure of the National Capital Region (NCR) real estate market, Rustomjee Group believes that expanding their reach within MMR is more beneficial in terms of growth and development. While they keep an eye on all markets, they firmly believe that their future lies in the MMR market.
In terms of performance, the Q3FY24 earnings call revealed that Rustomjee Group achieved pre-sales figures of Rs 616 crores, with a cumulative pre-sales of Rs 1,423 crores for the first nine months of FY24. This represents a 26 percent year-on-year growth.
With four newly launched projects and an impressive pipeline of 22 projects, Rustomjee Group is set to solidify its position as a leader in the Mumbai real estate industry. Their commitment to quality construction and focus on the mid-mass and aspirational segments will undoubtedly attract homebuyers looking for their dream homes in the MMR region.
1. What is Keystone Realtors also known as?
Keystone Realtors is also known as Rustomjee Group.
2. What are the main types of projects Rustomjee Group wishes to pursue?
Rustomjee Group aims to pursue redevelopment projects in the mid-mass and aspirational segments of the Mumbai Metropolitan Region (MMR) market.
3. What is the price range for homes that Rustomjee Group plans to construct?
Rustomjee Group plans to construct homes in the price range of Rs 1 crore to Rs 7 crore.
4. Is Rustomjee Group planning to expand outside of MMR?
No, Rustomjee Group has no plans to venture outside the MMR market and is satisfied with working in this region for the next five to six years.
5. What were Rustomjee Group’s pre-sales figures for the first nine months of FY24?
Rustomjee Group achieved pre-sales figures of Rs 616 crores, with a cumulative pre-sales of Rs 1,423 crores for the first nine months of FY24, representing a 26 percent year-on-year growth.
1. MMR – Mumbai Metropolitan Region refers to the greater Mumbai area that includes the city of Mumbai and its surrounding districts.
2. Redevelopment – Refers to the process of redeveloping or renovating existing buildings or areas in order to improve or upgrade them.
3. Mid-mass segment – refers to a market segment that caters to the middle-class population, offering moderately priced properties.
4. Aspirational segment – refers to a market segment that caters to individuals with higher aspirations and willingness to spend more on luxury properties.
Suggested related links:
Rustomjee Group Official Website